The Great Giant Corp. has a management contract with its newly hired president. The contract requires a lump sum payment of $24,600,000 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? $2,330,930.82 $2,325,775.75 $2,397.706.96 $1,900,532.06 $1722,000.00