A firm leases equipment under a long-term finance lease (analogous to an installment purchase) that calls for 10 annual payments of $40,000. The first payment is due at the inception of the leave. The annual rate on the lease is 6% What is the value of the leased asset at inception of the lease Present Value of Annuity Due of $1 Present Value of Ordinary Annuity of $1 Period 4 3 84 341719 " 10 53030 524214 491732 44228 701960 6.73274 6.20979 5.74664 3400 6.71008 11090 399 145182 537971 723038 700205 816 521236 499271 6.34214 20637 45533 780140 1.24689 $312,068 $289,876 $294,404 $308,273