Your finance professor is planning to go on a global cruise that will take him to 60 major cities around the world. The cruise will cost him $56,000 and will be taken 8 years from today. The professor plans to fund this cruise by making monthly contributions to an account that pays 6.92 percent, with the first contribution to be made one month from today. How much will he contribute each month to meet his goal?

Group of answer choices

$906.27

$682.15

$572.84

$438.33

$721.91