A firm leases equipment under a long-term finance lease (analogous to an installment purchase) that calls for 10 annual payments of $50,000. The first payment is due at the inception of the lease. The annual rate on the lease is 3% What is the value of the leased asset at inception of the lease? (Do not add dollar sign; do not odd commo to your amount; round the answer to the whole number) Present Value of Ordinary Annuity of $1 Present Value of Annuity Due of $1 Period 394 4% 646 8% 396 49% 6% 8% 4 3.71710 3.62990 3,46511 3.31213 3.82861 3.77509 3.67301 3.57710 5 4.57971 4.45182 4.21236 3.99271 4.71710 4.62990 4.46511 4.31213 6 5.41719 5.24214 4.91732 4.62288 5.57971 5.45182 5.21236 4.99271 7 6.23028 6.00205 5.58238 5.20637 6.41719 6.24214 5.91732 5.62288 8 7.01969 6.73274 6.20979 5.74664 7.23028 7.00205 6.58228 6.20637 9 7.78611 7.43533 6.80169 6.24689 8.01969 7.73274 7.20979 6,74664 10 8.53020 8.11090 7.36009 6.71008 8.78611 8.43533 7.80169 7.24689