(Chap 32) XYZ Inc. is thinking about carving out its hotel division into a separate firm. Which of the following best describes what happens in the carve-out? The newly created hotel firm will sell shares to new investors in an IPO. Shareholders of XYZ Inc. will receive shares in the newly created hotel firm as a dividend. QUESTION 3 (Chap 25) What is the present value of the following monthly lease? Lease term: 15 years (i.e, 180 payments, first payment at time 0 ) Payment amount: $790 per month Annual discount rate: 7% (Hint - remember to convert the annual discount rate into an equivalent monthly discount rate) Enter your answer to two decimal places (e.g.,$1250.00). Full credit within $10.00 of the correct answer (e.g., $1240.00 - $1260.00). Partial credit within $50.00 of the correct answer (e.g., $1200.00 $1300.00)