Travis International has a one-time expense of $2.86 million that must be paid three years from now. Since the firm cannot raise

Question

2 years ago

12

Travis International has a one-time expense of $2.86 million that must be paid three years from now. Since the firm cannot raise

that amount in one day, it wants to save an equal amount each month over the next three years to fund this expense. If the firm can earn 2.1 percent on its savings, how much must it save each month?
A) $91 ,300.05

B) $73,901.15

C) $77,037.69

D) $87,411.08

E) $78.416.20

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