Suppose you are a financial manager at a car rental company. The company recently purchased a batch of vehicles that will be for rent soon. The purchase price of each car is $100,000 and the annual maint. cost is expected to be $15,000 for five years. These cars will be depreciated over five years using the straight-line depreciation and there will be no salvage value after that. Assume the required rate of return is 8% and the corporate tax is 21%. A customer wants to lease the vehicle for five years. Suppose the five lease payments will occur at the beginning of the year.

What is the pre-tax rental price you need to charge the customer in order to break even within these five years?