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Travis International has a debt payment of $2.24 million that it must make 4 years from today. The company does not want to come up
Travis International has a debt payment of $2.24 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 4.83 percent compounded monthly, how much must it deposit each month?
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