17. The following information relates to a lease contract: - Lease commencement: 1/1/20X1 - Annual lease payments of $3,000 due each 12/31 beginning 12/31/20X1 - End of lease term: 1/1/20X5 - There are 4 lease payments in all - Useful life of asset at commencement: 10 yrs - Expected residual value at 1/1/20X 5:$6,000 - Lessee is given option to purchase asset at 1/1/20X5 for $1,000 Using an interest rate of 10%, what is the present value of future lease payments for the lessee at inception? a) $10,193 b) $9,510 c) $10,419 d) $13,608 e) $13,000