The Aggarwal Corportation needs to save $9 million to retire a $9 million mortgage that matures in 12 years. To retire this mortgage, the company plans to put a fixed amount into an account at the end of each year for 12 years, with the first payment occurring at the end of 1 year. The Aggarwal Corp expects to earn 15 percent annually on the money in this account. What equal annual contribution must it make to this account to accumulate the $9 million in 12 years?

In order to retire a $9 million mortgage that matures in 12 years, what equal end-of-year contribution must the Aggarwal Corp make to an account that earns 15 percent annually?