Walther Corporation is negotiating a three-year leasing agreement for some much-needed equipment. It has completed a capital investment analysis and expects the equipment to cost $50,000 today, generate net after-tax cash flow expenses of $11,248 for each of the next three years with those cash flows occurring evenly throughout the year, and an after-tax salvage value of $15,000 at the end of the third year. The company faces a cost of debt of 7% and its tax rate is 25%. What would be the largest annual lease payment (on a before-tax basis) that the company could accept to make it indifferent between purchasing or leasing the equipment? Assume there are no other relevant considerations that would affect the decision other than financial ones and that the lease payments and related tax deduction would occur at the beginning of each year.