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A President of a company wants his company to pay him $4,450,000 to cash him out of the ownership of the company in seven years.

  1. A President of a company wants his company to pay him $4,450,000 to cash him out of the ownership of the company in seven years. If the rate of interest is 3.75%, how much does the company need to set aside each year to be able to cash him out?

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