On December 31, 2020, a lessee enters into a 5-year finance lease. The lessee agrees to pay $50,000 annual with a 5% annual increase. The first payment is due immediately. The incremental borrowing rate of the lessee is 6%. There is no residual guarantee or purchase option to consider. The present value of the lease payments on December 31, 2020 is $245,327. After the payment made on December 31, 2021, what is the present value of remaining lease payments?

Group of answer choices:

$195,327

$154,547

$207,547

$157,047

$145,799