Analyzing and Interpreting Footnote on Operating and Capital Leases Assume Verizon Communications, Inc., provides the following footnote relating to its leasing activities in its 10-K report. The aggregate minimum rental commitments under noncancelable leases for the periods shown at December 31, 2010, are as follows:

Years (dollars in millions)	Capital Leases	Operating Leases
2011	$ 79	$ 1,489
2012	67	1,326
2013	63	1,016
2014	59	736
2015	42	467
Thereafter	139	1,917
Total minimum rental commitments	449	$ 6,951
Less interest and executory costs	(128)
Present value of minimum lease payments	321
Less current installments	(46)
Long-term obligation at December 31, 2010	$ 275

(c) Compute the present value of Verizon's operating leases, assuming an 9.06% discount rate and rounding the remaining lease term to 3 decimal places. (Use a financial calculator or Excel to compute. Do not round until your final answers. Round each answer to the nearest whole number.)

($ millions)	Present Value
Year 1	Answer
Year 2	Answer
Year 3	Answer
Year 4	Answer
Year 5	Answer
After 5	Answer
Total*	Answer

* (Use subsequent rounded answers for calculation.)

AFTER YEAR 5 ONLY