Answer: $55,499.60

I put this into excel but it doesn't get the right answer??

3. What is the present value of the following monthly lease? 2 Lease term: 20 years (i.e., 240 payments, first payment at time 0) Payment amount: $650 per month Annual discount rate: 14% (Hint-remember to convert the annual discount rate into an equivalent monthly discount rate.) A1 ; x ) fx --PV(0.14/12,240,650,0,1) B C D E 1 $52,880.77 2