Current Attempt in Progress

A multinational company begins operations in a country with a developing economy. It will invest $$4,000,000$ to begin operations and will pay operating costs $$200,000$ in year $1.$ Annual operating costs are expected to rise by $4\%$ due to the growing strength of the country's currency. How much would the company need to set aside to cover the costs described above over the next $8$ years assuming money was invested in an account that earned $7\%$ annual interest?

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$ million