Adam Limited and Davies Limited enter into a lease agreement with the following terms:

$$lease term is $3$ years

$$estimated economic life of the leased asset is $6$ years

$3$ x annual rental payments of $$23000$; each payment is made in arrears at year end

$$residual value at the end of the lease term is not guaranteed by the lessee

$$interest rate implicit in the lease is $7\%$

On inception date, the present value of the minimum lease payments is:

a$.$ $$69000$

b$.$ $$64584$

c$.$ $$64170$

d$.$ $$60359$

e$.$ $$65713$