Vee Brothers Company is negotiating to lease a piece of equipment to Mack, Inc. Mack requests that the lease be for 7 years. The equipment has a useful life of 9 years. Vee Brothers wants a guarantee that the residual value of the equipment at the end of the lease is at least $11,000. Mack agrees to guarantee a residual value of this amount though it expects the residual value of the equipment to be only $4,000 at the end of the lease term. If the fair value of the equipment at lease commencement is $292,000, what would be the amount of the annual rental payments Vee Brothers demands of Mack, assuming each payment will be made at the beginning of each year and Vee Brothers wishes to earn a rate of return on the lease of 8%