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A tenant offers to sign a lease paying a rent of $1,000 per month, in advance (i.e., the rent willbe paid at the beginning of

A tenant offers to sign a lease paying a rent of $1,000 per month, in advance (i.e., the rent willbe paid at the beginning of each month), for five years. At 10% nominal annual interestcompounded monthly, what is the present value of this lease?

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