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A multinational security software company is planning an overseas expansion that will cost $ 4 9 million of today s dollars 3 years from now.

A multinational security software company is planning an overseas expansion that will cost $49 million of todays dollars 3 years from now. Due to a robust economy in Europe, the cost is expected to increase by 13% per year in each of the next 3 years. Assuming the inflation rate is 4% per year, determine the required annual deposit into a fund that earns the market rate of 9% per year to ensure that the amount needed in 3 years will be available.
The required annual deposit is $
.

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