Travis International has a debt payment of $2.35 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 5.38 percent compounded monthly, how much must it deposit each month?

Multiple Choice

• $64,317.24

• $60,028.29

• $65,277.78

• $60,297.41

• $61,888.47