In 2019, Cart Inc. adopted a plan to accumulate funds for environmental remediation beginning July 1, 2024 at an estimated cost of $20 million. Cart plans to make five equal annual payments into a fund earning 6% interest compounded annually. The first deposit is scheduled for July 1, 2019. Determine the amount of the required annual deposit.

Use Excel or a financial calculator for the computations. Round your answer to the nearest dollar.