Leasing is prevalent among department stores. The following information with respect to operating and capital leases was taken from the 2018 annual reports of APL Company (APL) and JTL Company (TL). Note that JTL discloses the present value (and interest rate) of its operating as well as capital leases. Minimum lease payments (RM millions) APL TL Capital leases Operating leases | Capital leases Operating leases RM 66 RM 352 RM 10 RM 620 303 568 253 521 224 492 195 454 714 1,092 3,099 RM 1,006 RM 2,419 RM 27 RM 5,754 24 (16) 2014 2015 2016 2017 2018 Thereafter Total Present value Less current portion Long term portion Interest rate 54 417 3,302 401 10.0% 9.7% Required: a. Using the interest rate provided by JTL, calculate APL's operating leases present value. b. Estimate the interest rate that APL uses to discount its capital leases. Compare the rate determined in part b with the rate used by JTL. c. Use the rate determined in b to estimate the present value of APL's operating leases. Compare your answer with the present value calculated in a