The Aggarwal Corporation needs to save $11 million to retire a $11 million mortgage that matures in 11 years. To retire this mortgage, the company plans to put a fixed amount into an account at the end of each year for 11 years, with the first payment occurring at the end of 1 year. The Aggarwal Corporation expects to earn 9 percent annually on the money in this account. What equal annual contribution must it make to this account to accumulate the 11 million in 11 years?

In order to retire a $11 million mortgage that matures in 11 years, what equal end-of-year contribution must the Aggarwal Corporation make to an account that earns 9 percent annually?