On January 1, Year 1, Cumulator Co. made the first of a series of equal annual payments to be made at the beginning of each year through Year 6. Cumulators intention is to establish a fund with a balance of $5 million at the end of Year 6. The monies deposited will earn interest at a rate of 8% compounded annually. The following time value of money factors are relevant: Future value of $1 at 8% for 6 periods 1.587 Future value of an ordinary annuity of $1 at 8% for 6 periods 7.336 Future value of an annuity in advance of $1 at 8% for 6 periods 7.923 Accordingly, Cumulators annual payment should be approximately