(Please provide an explanation so I can learn from this!!)

Aqua Company will have to repay its $10,000,000 bonds on January 1,2035 . On January 1,2023 , Aqua decides to deposit $3,000,000 in a sinking fund and to make additional deposits each year after 2023 on January 1 st, including the final year 2035 , in order to have enough cash to repay them. The deposits will earn 5% throughout the period. How much will Aqua need to deposit each year