(Calculating annuity payments) Sheef Metal PLC’s factory is on leasehold land. The lease will end in 15 years’ time from now. The directors have decided to buy the title rights from the leaseholder at the end of the lease term, and this is expected to cost

£500,000 at the time of the lease’s expiry. The firm plans to put a fixed amount into an account at the end of every year for the next 15 years to buy the title rights. If the account earns 8 percent every year compounded annually, how much will be the fixed amount that Sheef Metal PLC needs to put in the account?