The insurance company you work for takes out a loan for $2,500,000. They will pay the lender at an annual effective rate of 10% interest at the end of each year and then prepay the $2,500,000 at the end of 7 years. The lender requires the insurance company to establish a sinking fund.

How much should the insurance company deposit into the sinking fund each year if they can earn 7% annual effective rate of interest?

Round your answer to the nearest whole dollar.

The correct answer is 288,883. Please reply with a specific solution.