Lowe Leasing Company recently leased machinery to Amina Associates. The 8-year lease contract requires rental payments of $11,000 at the beginning of each year. The lease meets at least one of the Group 1 criteria. The 4% implicit rate on the lease is known to Amina Associates. There is a $3,000 guaranteed residual value by the lessee, which is equal to the expected residual value at the end of the lease tern. The present value of the minimum lease payments for the lessor are equal to:

a. $98,029 

b. $79,215 

c. $77,023

d. $56,016