Rocket Dynamics estimates contractor engineering design costs of $100,000 for the first month, increasing by $2,000 per month over the next four years, on a new solid propellant missile system. If payments are due at the end of each month, how much must the company deposit today into an account that pays a stated annual rate of 6%, compounded monthly, to cover these costs?

Group of answer choices

$4,987,908

$11,890,128

$7,648,900

$6,177,856