Present and future value tables of $1 at 3% are presented below: N FV $1 PV $1 1 1.03000 0.97087 FVA $1 1.0000 2 1.06090 0.94260 3 1.09273 0.91514 4 5 1.12551 0.88849 1.15927 0.86261 6 1.19405 0.83748 7 1.22987 0.81309 PVA $1 FVAD $1 0.97087 1.0300 2.0300 1.91347 3.0909 2.82861 4.1836 3.71710 4.3091 3.82861 5.3091 4.57971 5.4684 4.71710 6.4684 5.41719 6.6625 5.57971 7.6625 6.23028 7.8923 6.41719 8.8923 7.01969 9.1591 7.23028 10.1591 7.78611 10.4639 8.01969 PVAD $1 1.00000 2.0909 1.97087 3.1836 2.91347 8 1.26677 0.78941 9 1.30477 0.76642 10 1.34392 0.74409 11.4639 8.53020 11.8078 8.78611 11 1.38423 0.72242 12.8078 9.25262 13.1920 9.53020 12 1.42576 0.70138 14.1920 9.95400 13 1.46853 0.68095 14 1.51259 0.66112 15 1.55797 0.64186 16 1.60471 0.62317 14.6178 10.25262 16.0863 10.95400 17.5989 11.63496 15.6178 10.63496 17.0863 11.29607 18.5989 11.93794. 19.1569 12.29607 20.1569 12.56110 20.7616 12.93794 Justine Company leases equipment under a long-term lease that calls for 12 semiannual payments of 47,792.64. The first payment is due at the inception of the lease. The annual rate on the lease is 6%. What is the value of the leased asset at the inception of the lease?