Cullumber Cosmetics, Inc. has entered into a leasing agreement to rent equipment from Martinez Leasing services. There is no transfer of title, there is not a bargain purchase option, and the economic life test is not met. Based on the following information, what amount would be used in the 90% test for the present value of the lease payments for the lessee?

Annual Payments (1st day of the period)	$54900
Lease Term	5 years
Guaranteed Residual Value	$13800
Incremental Borrowing Rate (lessor implicit rate is not known)	8%

	PV Annuity Due		PV Ordinary Annuity		PV Single Sum
6%, 5 periods		4.46511		4.21236		0.74726
8%, 5 periods		4.31213		3.99271		0.68058
10%, 5 periods		4.16986		3.79079		0.62092

$288300

$274500

$236736

$246128