Paragon Leasing has been approached by Mid-America Logistics Company (MALC) to provide lease financing for a fleet of new small aircrafts. Each aircraft will cost $3,000,000 and will be leased by MALC for 10 years with lease payments made at the beginning of each year. Paragon will depreciate the aircrafts on a straight-line basis to $0 but the actual market value at the end of 10 years is estimated to be $800,000. What are the required annual beginning-of-year lease payments if Paragon desires to earn a 14% after-tax rate of return? Assume a marginal tax rate of 30%.