St. Thomas University (STU) plans to build an addition to the Gus Machado School of Business 4 years from today. It will need to have $8 million in an account at that time. It would like to make 4 equal annual deposits, starting 1 year from today, into an account earning 4% per year to meet this need. What is the amount of each deposit STU must make to meet this need?

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