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Analyzing and Interpreting Lease Footnote Disclosures The GAP Inc. discloses the following schedule to its fiscal 2018 (ended February 2, 2019) 10-K report relating to

Analyzing and Interpreting Lease Footnote Disclosures The GAP Inc. discloses the following schedule to its fiscal 2018 (ended February 2, 2019) 10-K report relating to its leasing to its leasing activities. The aggregate minimum noncancelable annual lease payments under leases in effect on February 2, 2019, are as follows:

Fiscal Year ($ millions)
2019 $1,156
2020 1,098
2021 892
2022 730
2023 539
Thereafter 1,520
Total minimum lease commitments $5,935

Compute the present value of GAP's operating leases using a 6% discount rate and round the remaining lease term to the nearest whole year. Round each answer to the nearest whole number.

$ million Present Value
Year 1 1,091
Year 2 977
Year 3 749
Year 4 578
Year 5 403
After 5 ??????

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