BLANK just received a signing bonus of $1,005,500. His plan is to invest this payment in a fund that will earn 6%, compounded annually.

Instead of investing the entire $1,005,500, BLANK invests $274,900 today and plans to make 12 equal annual investments into the fund beginning one year from today. What amount should the payments be if BLANK plans to establish the $2,023,267 foundation at the end of 12 years? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

Payments=