Analyzing and Interpreting Footnote on Operating and Capital Leases 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, 2015, are as follows: Years (S millions) Capital Leases $302 278 187 97 45 159 Operating Leases 2,744 2,486 2,211 1,939 1,536 7.297 $18,213 2016 2017 2018 2019 2020 Thereafter Total minimum rental commitments 1,068 Less interest and executory costs Present value of minimum lease payments Less current installments Long-term obligation at December 31, 2015 957 271 $686 (c) Compute the present value of Verizon's operating leases, assuming an 3.85% discount rate and rounding the remaining lease term to 3decima places. (Use a financial calculator or Excel to compute. Do not round until your final answers. Round each answer to the nearest whole number) (S millions) Present Value 2,642.279X 2.305.09 x ,974.1x 1,667.06 x Year 1 Year 2 Year 3 Year 4 Year 5 1,271.62 3,368.12 After 5 Tocal (Use subsequent rounded answers for calculation.) 13,22826x