Travis International has a debt payment of $2.27 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 4.98 percent compounded monthly, how much must it deposit each month?

Multiple Choice

$58,593.05

$62,499.26

$63,055.56

$58,350.90

$60,017.09