On January $1,2021,$ Yancey, Inc. signs a $10-$year noncancelable lease agreement to lease a storage building from Holt Warehouse Company. Collectibility of lease payments is reasonably predictable and no important uncertainties surround the amount of costs yet to be incurred by the lessor. The following information pertains to this lease agreement.

$($a$)$ The agreement requires equal rental payments at the end of each year.

$($b$)$ The fair value of the building on January $1,2021$ is $$3,000,000$

$($c$)$ The building has an estimated economic life of $10$ years, with no residual value.

$($d$)$ At the termination of the lease, the title to the building will be transferred to the lessee.

$($e$)$ Yancey's incremental borrowing rate is $15\%$ per year. Holt Warehouse Co$.$ set the annual rental to insure a $12\%$ rate of return. The implicit rate of the lessor is unknown to Yancey.

What is the annual lease payment? $($Rounded to the nearest dollar$)$

a$)$ $$353,969$

b$)$ $$707,937$

c$)$ $$530,953$

d$)$ $$884,921$