Banana Boat Leasing (BBL) has been approached by Pacman Shipping Company (PSC) to provide lease financing for a fleet of new boats. Each boat will cost $300,000 and will be leased by PSC for 6 years with lease payments made at the beginning of each year. Banana Boat will depreciate the boats on a straight-line basis to $0 but the actual market value at the end of 6 years is estimated to be $80,000. What are the required annual beginning-of-year lease payments if Banana Boat desires to earn a 16% after-tax rate of return? Assume a marginal tax rate of 30%.