Jim Hubert, an investment banker with The Ohio Company, is arranging a financing package with Bill Andrews, president of Lebish Hospital. The financing package calls for $20 million in bonds to be repaid in 20 years. A decision must be made regarding the amount that must be deposited on an annual basis in a sinking fund. It is estimated that the sinking fund will earn interest at the rate of 8% compounded annually. What dollar amount must be set aside annually at year-end in the sinking fund to meet the $20 million payment in the twentieth year?