The Aggarwal Corporation needs to save $11 million to retire a(n) $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. The Aggarwal Corporation expects to earn 8 percent annually on the money in this account. What equal annual contribution must the firm make to this account to accumulate the $11 million by the end of 11 years?

The equal annual contribution the firm must make to this account is $______.