Echo system has offices in several major cities. The company has a defined contribution plan for its senior employees. Five percent of each employee's monthly salary is deducted from his or her pay and is contributed to the pension plan, Echo system pays an additional $5\%$ of the employee's salary into the plan. In August $2020,$ A terrorist attack on a competitor's office caused a precipitous drop in Echo systems business for the remainder of the year. The duration of the dramatic downturn in business was unpredictable. The drop in business caused a severe cash shortage. In order to help the company weather this crisis, the employees agreed that Echo systems could defer its share of the pension plan contributions. Employee contributions were made on schedule. The company agreed to make three equal blended payments at the end of next three years $(2021,2022,2023),$ including interest $6\%$ from December $31,2020.$ The current interest rate on high quality debt instruments of similar amount and timing is $4\%.$ During the August$-$December period, salaries for the participating employees totalled $$2,200,000.$ Echo System fiscal year ends on December $31.$