Travis International has a debt payment of $2.19 million that it must make 3 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 4.58 percent compounded monthly, how much must it deposit each month?

Multiple Choice

• $56,649.38

• $58,130.32

• $56,865.59

• $60,833.33

• $60,656.63