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16. Loyal, Inc., rents a warehouse for 4 years with annual rental payments of $80,000 to be made at the beginning of each year. If

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16. Loyal, Inc., rents a warehouse for 4 years with annual rental payments of $80,000 to be made at the beginning of each year. If the relevant annual interest rate is 8%, what is the present value of the rental obligations? The present value of an ordinary annuity of 1 for 4 periods at 8%=3.31213 mm (3 Points) $286,168 $320,000 $264,970 $250,970

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