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Fundamental Fitness recently leased a new location. The company will have to pay an annual lease fee of $ 3 4 2 , 0 0

Fundamental Fitness recently leased a new location. The company will have to pay an annual lease fee of $

342, 000

at the beginning of each year for the next

8

years. The discount rate is currently

8.31 % .

What is the present value of this lease contract?

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