There is an office building that is currently vacant but the office managers are entertaining offers from two different potential tenants for a 5-year term. One offer is a 5-year lease starting with rent of $125,000 next year and will increase at 4% per year. The other potential tenant prefers a fixed lease payment that will not increase over the 5-year lease. What is the minimum fixed annual rental payment you would accept for a five-year agreement? Use a discount rate of 10%.