The Great Giant Corp. has a management contract with its newly hired president. The contract requires a lump sum payment of $25,200,000 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? $2,221,566.51 $2,018,008.67 $1,949,396.38 $1,954,643.20 $2,016,000.00