The Great Giant Corp. has a management contract with its newly hired president. The contract requires a lump sum payment of $24,500,000 be paid to the president upon the completion of her first 6 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 5 percent on these funds. How much must the company set aside each year for this purpose?

$3,527,187.96

$3,522,685.55

$1,225,000.00

$3,601,927.97

$1,358,706.32