Armstrong Mining Company leases a special drilling press with annual payments of $150,000. The contract calls for rent payments at the beginning of each year for a minimum of six years. (hint: this is an annuity due, so set your calculator for BEGinning of year payments. By default, your calculator is set up for end of the year payments. To switch to beginning of the year payments, press shft then BEG/END key which can be found in the 2nd row, last column on the HP financial calculator. Your screen should have "BEG" or "BEGIN" indicated on the screen) Your borrowing cost is 8%. Determine the present value of the lease payments at 8% (Hint: you are solving for PV)