Exactly 35 years from today, Formosa Plastics Corporation must pay you $1,960,000 as part of a court settlement because they polluted your property. If Formosa Plastics earns a 10.11 percent interest rate compounded monthly, how much must the corporation save each month in order to have the full settlement amount available in 35 years?

Multiple Choice

• $535.23

• $497.59

• $587.59

• $501.78

• $4,666.67