You decide to deposit a single sum in the bank that will provide 6 equal annual year-end payments of $70,000 to a retired employee (payments starting December 31 of this year). Assuming a 2% annual Interest rate, what single sum must be deposited in the bank on January 1 of this year to achieve the desired annual year-end payments? (Time Value of Money Tables: PV of St: PVA of $1 $420,000 $392,100 $78,831 $441,568 $62.158