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A lease on an office building calls for a payment of $ 3 , 5 0 0 , 0 0 0 today and annual payments

A lease on an office building calls for a payment of $3,500,000 today and annual payments of $5,000,000 for 40 years. The first of the annual payments will be payabie 30 months from now when the building becomes ready for occupancy. Using a discount rate of 9% compounded semiannually, calculate the present value of the lease.
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