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On January 1 , 2 0 1 9 , Ashly Farms leased a hay baler from Agrico Company. The lease requires Ashly to make $

On January 1,2019, Ashly Farms leased a hay baler from Agrico Company. The lease requires Ashly to make $3,000 payments on January 1 of each year for 5 years beginning in 2019. The interest rate is 12%.
Required:
Calculate the present value of Ashly's lease payments as of January 1,2019.

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