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Travis International has a debt payment of $ 2 . 2 million that it must make 4 years from today. The company does not want

Travis International has a debt payment of $2.2 million that it must make 4 years from today. The company does not want to come up with the entire amount at that time, so it plans to make equal monthly deposits into an account starting 1 month from now to fund this liability. If the company can earn a return of 4.63 percent compounded monthly, how much must it deposit each month?
Multiple Choice
$41,808.21
$42,770.20
$45,833.33
$41,647.52
$44,595.42

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