Ace Leasing acquires equipment and leases it to customers under long-term direct financing leases. Ace earns interest under these arrangements at a 8% annual rate. Ace leased a machine it purchased for existexist60,000 under an arrangement that specified annual payments beginning at the inception of the lease five years. The lessee had the option to purchase the machine at the end of the lease term for exist200,000 when it was expected to have a residual value of exist220,000 (FV of exist1, PV of exist1, FVA of exist1, PVA of exist1, FVAD of exist1 and PVAD of exist1) (Use appropriate factor(s) from the tables provided.) Calculate the amount of the annual lease payments