Nike has just endorsed J.K. Dobbins. The deal is set for 10 years, cost Nike $15 million (Year O), and is expected to make $3,500,000 the first year (Year 1). Annual profit will continue to grow by 5% each year. What is the annual equivalent worth (Consider all costs and benefits but distribute to years 1-10) at Nike's 12% required rate of return? (Endorsing J.K. Dobbins is like earning how much per year) $2,500,000 $1,500,000 $1,553,387 $3,000,000