please write in text not in handwriting since its hard to read from a paper pic and i need an explanation for each problem thank you

Microsoft leases rights to Microsoft Word, Excel, Powerpoint and other software applications to hccc 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?