You work for a Major League Lacrosse team. You have successfully negotiated a contract with your new defenseman. The team agrees to defer some of his compensation, but his agent is demanding that money be set aside in advance to fund those payments. The deferred compensation consists of a payment of $1,400,000 in year 15. But the agent wants to see that compensation funded by the team making 4 payments, one in each of years 4, 5, 6, and 7. Assuming a rate of 8%, how much do each of those payments need to be in order to have enough money to fund the deferred compensation portion of the defenseman's contract?