The Great Giant Corp. has a management contract with its newly hired president. The contract requires a lump sum payment of $25,100,000 be paid to the president upon the completion of her first 7 years of service. The company wants to set aside an equal amount of funds each year to cover this anticipated cash outflow. The company can earn 6 percent on these funds. How much must the company set aside each year for this purpose?
$2,917,624.93
$1,665,570.77
$1,506,000.00
$2,990,288.95
$2,912,541.44