Benning Manufacturing Company is negotiating with a customer for the lease of a large machine manufactured by Benning. The machine has a cash price of $930,000. Benning wants to be reimbursed for financing the machine at an 8% annual interest rate. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Determine the required lease payment if the lease agreement calls for 10 equal annual payments beginning immediately.

Table or calculation function: PVAD of $1

Present Value: $930,000

n = 10 i = 8%

Annual Installment: ?????

2. Determine the required lease payment if the first of 10 annual payments will be made one year from the date of the agreement.

Table or calculation function: PVA of $1

Present Value: $930,000

n = 10 i = 8%

Annual Installment: ?????

3. Determine the required lease payment if the first of 10 annual payments will be made immediately and Benning will be able to sell the machine to another customer for $63,000 at the end of the 10-year lease.

Lease Payment: ?????