On December 31, 2024, Windsor Corporation signed a 6-year, non-cancelable lease for a machine. The terms of the lease called for Windsor to make annual payments of $11,533 at the beginning of each year, starting December 31, 2024. The machine has an estimated useful life of 8 years and a $5,800 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Windsor uses the straight-line method of depreciation for all of its plant assets. Windsor's incremental borrowing rate is 8%, and the lessor's implicit rate is unknown. Click here to view factor tables. (a) (b) * Your answer is incorrect. Compute the present value of the lease payments. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to O decimal places e.g. 5,275.) Present value of the lease payments $ 35218