The Great Giant Corp. has a management contract with its newly hired president. The contract requires a lump sum payment of $24,300,000 be paid to the president upon the completion of her first 8 years of service. The company wants to set aside an equal amount of funds each year to cover this anticipated cash outflow. The company can earn 7 percent on these funds. How much must the company set aside each year for this purpose?

$2,297,412.63

$2,368,466.63

$1,877,354.84

$2,302,504.83

$1,701,000.00