Corp has a new manager. The compensation agreement calls for a single payment of $24,300,000 be paid after the first 8 years of work. Corp wants to invest an equal amount each year to pay for this future obligation. The interest rate on investment is 7 %. How much must be invested each year?

Multiple Choice

• $2,302,504.83

• $2,368,466.63

• $1,877,354.84

• $1,701,000.00

• $2,297,412.63