The Great Giant Corp. has a management contract with its newly hired president. The contract requires a lump sum payment of $24,200,000 be paid to the president upon the completion of her first 7 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 6 percent on these funds. How much must the company set aside each year for this purpose?

$2,883,067.44

$1,452,000.00

$1,605,849.10

$2,808,107.68

$2,813,008.90