Pronghorn Leasing Company purchased specialized equipment from Wayne Company on December 31, 2019 for $870,000. On the same date, it leased this equipment to Sears Company for 5 years, the useful life of the equipment. The lease payments begin January 1, 2020 and are made every 6 months until July 1, 2024. Pronghorn Leasing wants to earn 12% annually on its investment. Various Factors at 12% Periods Future Present Future Value of an Present Value of an or Rents Value of $1 Value of $1 Ordinary Annuity Ordinary Annuity 9 2.77308 0.36061 14.77566 5.32825 10 3.10585 0.32197 17.54874 5.65022 11 3.47855 0.28748 20.65458 5.93770 Periods or Rents Various Factors at 6% Present Future Value of an Value of $1 Ordinary Annuity 0.59190 11.49132 0.55839 13.18079 0.52679 14.97164 Future Value of $1 1.68948 1.79085 189830 9 Present Value of an Ordinary Annuity 6.80169 7.36009 7.88687 10 11 Calculate the amount of each rent. (Round factor values to 5 decimal places, eg. 1.25124 and final answer to decimal places, eg. 458,581.) Amount of rent