Cari, Inc Wishes to Accumulate $1,000,000 to Be Used to Pay

Multiple Choice

Cari, Inc. wishes to accumulate $1,000,000 to be used to pay off a loan at the end of 2 years. How much will Cari, Inc. deposit each month for two years, beginning at the end of the first month, to accumulate the desired amount if the investment earns an annual rate of 12%? (Select the closest amount)

A) $ 37,658
B) $ 47,358
C) $ 37,073
D) $ 26,432