Your client, Big Leasing Co., is preparing a contract to lease a machine to Souvenirs Corporation for a period of 8 years. Big Leasing paid $427,500 for the machine, which has a useful life of 8 years and no salvage value at the end of that time. Nintendo is interested in earning a 7% return on its investment in the machine and has agreed to accept 8 equal annual rental payments with the first payment due immediately. Determine the amount of the lease payments Big Leasing will require in order to yield a 7% return on the lease of the machine.