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On January 1 , 2 0 2 0 , Bob s Meat Market leased some equipment from another company. The lease contract calls for $

On January

1, 2020,

Bob

s Meat Market leased some equipment from another company. The lease contract calls for $

12, 000

annual payments for eight years, beginning on December

31, 2020 .

Calculate the present value of the lease payments on January

1, 2020 .

Assume a

6 %

interest rate.

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