PLEASE ANSWER Suppose the risk$-$free interest rate is $5\mathrm{.}5\%$ APR with monthly compounding. If a $$2\mathrm{.}9$ million MRI machine can be leased for $5$ years for $$47,500$ per month, what residual value

must the lessor recover to break even in a perfect market with no risk? $($Assume that the first payment is made immediately, so the payments occur at the beginning of

each month.$)$

The present value of the residual value is $$.($Round to the nearest dollar.$)$