The Great Giant Corp. has a management contract with its newly hired president. The contract requires a lump sum payment of $26,000,000 be paid to the president upon the completion of her first 9 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 8 percent on these funds. How much must the company set aside each year for this purpose?

$2,016,695.36 $2,011,281.98 $2,292,092.43 $2,082,072.44 $2,080,000.00