Present and future values of $$1$ at $3\%$ are presented below:

N FV $$1$ PV $$1$ FVA $$1$ PVA $$1$ FVAD $$1$ PVAD $$1$

$11\mathrm{.}030000\mathrm{.}970871\mathrm{.}00000\mathrm{.}970871\mathrm{.}03001\mathrm{.}00000$

$21\mathrm{.}060900\mathrm{.}942602\mathrm{.}03001\mathrm{.}913472\mathrm{.}09091\mathrm{.}97087$

$31\mathrm{.}092730\mathrm{.}915143\mathrm{.}09092\mathrm{.}828613\mathrm{.}18362\mathrm{.}91347$

$41\mathrm{.}125510\mathrm{.}888494\mathrm{.}18363\mathrm{.}717104\mathrm{.}30913\mathrm{.}82861$

$51\mathrm{.}159270\mathrm{.}862615\mathrm{.}30914\mathrm{.}579715\mathrm{.}46844\mathrm{.}71710$

$61\mathrm{.}194050\mathrm{.}837486\mathrm{.}46845\mathrm{.}417196\mathrm{.}66255\mathrm{.}57971$

$71\mathrm{.}229870\mathrm{.}813097\mathrm{.}66256\mathrm{.}230287\mathrm{.}89236\mathrm{.}41719$

$81\mathrm{.}266770\mathrm{.}789418\mathrm{.}89237\mathrm{.}019699\mathrm{.}15917\mathrm{.}23028$

$91\mathrm{.}304770\mathrm{.}7664210\mathrm{.}15917\mathrm{.}7861110\mathrm{.}46398\mathrm{.}01969$

$101\mathrm{.}343920\mathrm{.}7440911\mathrm{.}46398\mathrm{.}5302011\mathrm{.}80788\mathrm{.}78611$

$111\mathrm{.}384230\mathrm{.}7224212\mathrm{.}80789\mathrm{.}2526213\mathrm{.}19209\mathrm{.}53020$

$121\mathrm{.}425760\mathrm{.}7013814\mathrm{.}19209\mathrm{.}9540014\mathrm{.}617810\mathrm{.}25262$

$131\mathrm{.}468530\mathrm{.}6809515\mathrm{.}617810\mathrm{.}6349616\mathrm{.}086310\mathrm{.}95400$

$141\mathrm{.}512590\mathrm{.}6611217\mathrm{.}086311\mathrm{.}2960717\mathrm{.}598911\mathrm{.}63496$

$151\mathrm{.}557970\mathrm{.}6418618\mathrm{.}598911\mathrm{.}9379419\mathrm{.}156912\mathrm{.}29607$

$161\mathrm{.}604710\mathrm{.}6231720\mathrm{.}156912\mathrm{.}5611020\mathrm{.}761612\mathrm{.}93794$

A firm leases equipment under a long$-$term finance lease $($analogous to an installment purchase$)$ that calls for $12$ semiannual payments of $$39,014\mathrm{.}40.$ 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 inception of the lease?

Multiple Choice

$$388,349$

$$400,000$

$$454,128$

$$440,082$