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On January 1, 2021, Tiramisu Pharmaceuticals leased a vial filling machine from Thermo Scientific. Under the terms of the lease, Tiramisu agrees to make five

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On January 1, 2021, Tiramisu Pharmaceuticals leased a vial filling machine from Thermo Scientific. Under the terms of the lease, Tiramisu agrees to make five annual payments of $93,000 beginning January 1, 2021 (the first day of the lease), with the remaining payments due each January 1 until the final lease payment is made. After five years, the property is returned to Thermo Scientific. Tiramisu's annual borrowing rate for similar transactions is 9 percent Required: What is the present value of the lease payments as of January 1, 2021? (Hint: Round to the nearest dollar. Do not use any dollar signs, commas, or decimals in your answer). Fill in the blank

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