Mark and his partners have contracted to purchase the franchise rights, worth $75 000, to open and operate a specialty pizza restaurant called Pepperoni’s. With a renewable agreement, the partners have agreed to make payments at the beginning of every six months for five years. To accommodate the renovation period, Pepperoni’s corporate office has agreed to allow the payments to start in one year, with interest at 7.82% compounded annually. What is the amount of each payment?