On January 15, 2020, Dolan Corp. adopted a plan to accumulate funds for environmental improvements beginning July 1, 2024, at an estimated cost of $8,000,000. Dolan plans to make four equal annual deposits in a fund that will earn interest at 10% compounded annually. The first deposit was made on July 1, 2020. Future value factors are as follows:

Future value of 1 at 10% for 5 periods 1.61

Future value of ordinary annuity of 1 at 10% for 4 periods 4.64

Future value of annuity due of 1 at 10% for 4 periods 5.11

Dolan should make four annual deposits of

a. $1,423,234.

b. $1,565,558.

c. $1,724,137.

d. $2,000,000.