The Home Improvement Center (HIC) has an employment contract with the newly hired CEO. The contract requires a lump sum payment of $32.4 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 7.25 percent on the funds. How much must HIC set aside each year for this purpose? $5,668,987 $6,778,958 $5,227,064 $5,606,026 You invest $5,000 at 10% simple interest rate in a saving account. You do not add or withdraw any funds from the above account. Every year, your account balance will: Increase at an increasing rate Remain constant Increase by a constant amount Increase at a constant rate