Jenny Enterprises has just entered a lease agreement for a new manufacturing facility. Under the terms of the agreement, the company agreed to pay rent of $17,500 per month for the next 8 years with the first payment due today. If the APR is 7.68 percent compounded monthly, what is the value of the payments today?

Multiple Choice

$1,315,406.27

$1,145,716.94

$1,260,288.63

$1,221,588.29

$1,252,274.08