Meany Hospital wishes to provide for the retirement of an obligation of $10,000,000 that becomes due July 1, 2026. The hospital plans to deposit $500,000 in a special fund each July 1 for 8 years, starting July 1, 2018.

In addition, the hospital wishes to deposit on July 1, 2018, an amount that, with accumulated interest at 10%

compounded annually, will bring the total value of the fund to the required $10,000,000 at July 1, 2026. What dollar amount should the hospital deposit?