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Kern Corporation signed a 5-year equipment lease agreement. The annual payments are $11,000 at 8%. The value of an annuity factor for 5 years at

Kern Corporation signed a 5-year equipment lease agreement. The annual payments are $11,000 at 8%. The value of an annuity factor for 5 years at 8% is 3.9927. The present value of the lease is:

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