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(Ignore income taxes in this problem) Schaad corporation has entered into an 8 year lease for a piece of equipment. THe annual payment under the

(Ignore income taxes in this problem) Schaad corporation has entered into an 8 year lease for a piece of equipment. THe annual payment under the lease will be $2500 with payments being made at the beginning of each year.

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If the discount rate is 14%, what is the present valuse of the lease payments?

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