Jessa plans to purchase a new car costing P1M. She can raise the money by issuing a 10%, 20-year old bond that would pay a coupon of $150,000/year and repay the face amount at maturity. Instead of buying the car, she also has the option of just leasing it for $120,000/year with the first payment due one year from now. The car has an expected life of 20-years. If the interest charge for the lease option is 8%, how much is the present value of the lease payments?