An engineering firm estimates that its cost for employer sponsored health insurance will be $750,000 next year and increase at 9% per year for the next 8 years. The company CFO wants to budget a uniform amount each year to cover these costs. If the firm's rate of return is 8% per year, how much should be invested each year for employer sponsored health care? Express your answer in $ to the nearest $1,000. Please provide all steps.