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In last year's financial statements Driver Enterprises reported 8 years of future lease obligations averaging $200 per year. In its current financial statements the company

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In last year's financial statements Driver Enterprises reported 8 years of future lease obligations averaging $200 per year. In its current financial statements the company again reported 8 years of future lease obligations averaging $200 per year. Last year the firm's cost of debt was 4% and this year it is 5%. By how much did the balance sheet value of the lease obligations change due to the increase in interest rates? If your answer is negative (i.e. this year's present value of leases is less than last year's amount), please include a negative sign in your

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