Travis International has a debt payment of $2.26 million that it must make 6 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 4.93 percent compounded monthly, how much must it deposit each month?

Multiple Choice

$27,737.10

$26,928.35

$27,038.98

$28,841.58

$31,388.89