Question: Greetings, I'm really struggling with this question. Any help is greatly appreciated. Thank you for your time! A company has a debt payment of $2.39

Greetings,

I'm really struggling with this question. Any help is greatly appreciated. Thank you for your time!

A company has a debt payment of $2.39 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 1month from now to fund this liability. If the company can earn a return of 5.58 percent compounded monthly, how much must it deposit each month?

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