Pharoah Corporation entered into an agreement to lease out a piece of equipment to a customer.

The details of the lease are as follows:

$$ Equipment cost of $$124,100$

$$ Lease term of $8$ years

$$ Guaranteed residual value of $$10,100$

$$ Annual payments on the lease would be due at the beginning of each year.

Click here to view the factor table PRESENT VALUE OF $1.$

Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE.

In order to earn a $4\%$ return, what minimum lease payments should Pharoah charge its customer

for this equipment lease?$($Round factor valuesto $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answersto $0$

decimal places, e$.$g$.5,275.)$

Minimum lease payment $

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