ABC Corp plans to build an addition to their warehouse 4 years from today. It will need to have $8 million in an account at that time. It would like to make 4 equal annual deposits, starting 1 year from today, into an account earning 4% per year to meet this need. What is the amount of each deposit ABC must make to meet this need?

Short Answer / Calculation Instructions: Type your response in the space provided. Explain / show your work for potential partial credit. You can sufficiently answer each question in 50 words or less.