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Falls Financial Corp. 2020 annual report discloses the following lease payments: Capital Operating Fiscal year leases leases 2021 $13,200 $2,328,000 2022 10,800 667,200 2023 8,400

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Falls Financial Corp. 2020 annual report discloses the following lease payments: Capital Operating Fiscal year leases leases 2021 $13,200 $2,328,000 2022 10,800 667,200 2023 8,400 488,400 2024 0 94,800 2025 0 37,200 Net minimum lease payments $32,400 $3,615,600 Less amount representing interest 5,800 Present value of lease obligations $26,600 Compute the approximate present value of Falls Financial Corporation's operating leases using a discount rate of 11%. Select one: a. $3,589,000 b. $3,615,600 C. $3,080,445 d. $3,255,985 e. $3,326,998

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