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A small foundry agrees to pay $420,000 three years from now to a supplier for a given amount of coking coal. The foundry plans to

A small foundry agrees to pay $420,000 three years from now to a supplier for a given amount of coking coal. The foundry plans to deposit a fixed amount in a bank account every three months, starting three months from now, so that at the end of three years the account holds $420,000. If the account pays 7.5% APR compounded monthly, how much must be deposited every three months?

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$17,046.00

$23,671.72

$13,319.33

$31,514.99

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