The Home Improvement Center $($HIC$)$ has an employment contract with the newly hired CEO. The contract requires a lump sum payment of $$32\mathrm{.}4$ million be paid to the CEO upon the successful completion of her first five years of service. HIC wants to set aside an equal amount of money at the end of each year to cover this anticipated cash outflow and will earn $7\mathrm{.}25$ percent on the funds. How much must HIC set aside each year for this purpose?Question $7$ options: $$$$5,227,064$ $$5,668,987$ $$5,606,026$ $$7,955,025$ None of the above Previous PageNext Page