Erbil Inc. has to decide whether they should purchase or lease an expensive equipment that would increase their productivity. The asset has a purchase price of $800,000, CCA rate of 30%, and expected salvage value of $100,000 at the end of its useful life in 5 years.

The lessors (manufacturer of the asset) marginal tax rate is 50%, cost of debt is 8%, and WACC is 10%. What is the minimum lease payment due at the beginning of each year acceptable to the lessor? ( Omit the $ sign in your response. Do not round intermediate calculations. Round the final answer to 2 decimal places. For example, an answer of $7.50 should be entered as 7.50.)