Berk Ridge has a management contract with its president that requires a lump sum payment of $15 million to be paid upon the completion of the president's first 5 years of service. The company can earn 5.5 percent on its investments and wants to set aside an equal amount of money each year over the next 5 years to fund this obligation. How much money must the firm save each year?

		A) $2,895,734.60
		B) $2,698,346.17
		C) $2,501,236.67
		D) $2,634,518.06
		E) $2,687,646.54