Assume that PM Inc. has been approached for a five-year lease on a $2 million piece of equipment. The equipment is in Class 8, the CCA rate is 10 percent, and the equipment has a useful economic life of five years. PM's marginal tax rate is 26 percent, its before-tax required return on debt-type investments is 10 percent, and no resale value is assumed. What lease rate will PM Inc. quote if the yearly lease payments are made in advance?