Travis International has a debt payment of $2.37 million that it must make 5 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 5.48 percent compounded monthly, how much must it deposit each month?

Multiple Choice

$36,719.87

$34,268.39

$34,424.88

$35,401.48

$39,500.00