Felix Leasing has been approached by Tina Belcher Stables (TBS) to provide lease financing for a new small aircraft. The aircraft will cost $4,000,000 and will be leased by TBS for 8 years with lease payments made at the beginning of each year. Felix Leasing will depreciate the aircraft on a straight-line basis to $0 but the actual market value at the end of 8 years is estimated to be $1,000,000. What are the required annual beginning-of-year lease payments if Felix desires to earn a 16% after-tax rate of return? Assume a marginal tax rate of 30%.