A firm is considering the purchase of a new equipment costing $4,763,285 which qualifies for a 26% CCA rate. This equipment has a 4-year life after which it can be sold for $966,260. The firm can lease it for $1,447,880 per year for its useful life. Assume that the firm makes payments at the end of the year, the asset pool remains open, the tax rate is 28%, and the pre-tax cost of borrowing is 7.30%. What is the break-even lease payment?

$953,847

$978,948

$1,004,049

$1,029,150

$1,054,251