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(b) Ivanhoe's Candle Company signed a 16-year lease that requires annual payments of $7,100 at the beginning of each year. Assuming an annual interest rate

(b) Ivanhoe's Candle Company signed a 16-year lease that requires annual payments of $7,100 at the beginning of each year. Assuming an annual interest rate of 6.0%, what is the present value of the lease payments? (Do not round intermediate calculations. Round final answer to 2 decimal places, e.g. 458,581.25.) Present value $ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit

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