N1

A construction company plans to open an account for a major future equipment purchase. The plan is to make uniform annual deposits for the next 10 years in the account which is expected to earn a nominal interest rate of 6% per year compounded monthly. If the target is to have $5,000,000 at the end of the 10 years, how much should each deposit be? O A. $685,000 O B. $679,500 O C. $376,500 O D. $379,500