The 2009 annual report for Suncor Energy Inc. indicated that the company has made the following commitments in relation to its operating leases during the next five years:

You are a lending officer for a large commercial bank and for comparative purposes want to compute the present values of these leases.
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Determine the present value of the lease payments shown as of December 31, 2010. You may assume an interest rate of 4 percent.

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Years 2010 2011 2012 Minimum Payments (in millions of dollars) 376 212 160 2013 114 2014 101