1.3 A new opencast diamond mine needs to set aside some of its profits in order to rehabilitate the mine at the end of its expected life. The cost of rehabilitation is estimated at R7,500,000.00 in 2037 Rands (15 years from now). Calculate the uniform series of equal payments that this mine will have to make at the end of each year in order to save enough for the rehabilitation requirement. An interest rate of 7% per year, compounded annually, applies.