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A company anticipates its labor costs rising by 7% per year. Currently, its annual labor costs are $250,000. If the company invests its money into

A company anticipates its labor costs rising by 7% per year. Currently, its annual labor costs are $250,000. If the company invests its money into an account that earns 5% annual interest, how much would it need to set aside to cover its labor costs for the next 4 years?

$_________ million

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