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please explain and show work Microsoft leases rights to Microsoft Word, Excel, Powerpoint and other software applications to NJCU School of Business, Campus Administration for

please explain and show work

Microsoft leases rights to Microsoft Word, Excel, Powerpoint and other software applications to NJCU School of Business, Campus Administration for 14 annual payments of $8,500 at the beginning of each year. The payments will begin five years from today. If the market rate of interest is 8%, what is the present value of the payments? (50 POINTS)

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