A landlord received 1,000 in rent payments at the beginning of every month for 10 periods assuming an annual interest rate of 5% is appropriate the present value of 1 is 0.6139 x 1,000 = 614, the present value of an ordinary annually is 7.7217 x 1000 = 7,722 and the present value of an annuity due is 8.20178 x 1000 = 8,108. what is the fair value of the 10 rent payments according to the financial accounting standards board (FASB)?

1. 6,000

2. 6,140

3. 7,722

4. 8,108