Question 3 Partially correct Mark 5.00 out of 7.00 Flag question Analyzing and Interpreting Lease Footnote Disclosures The GAP Inc. discloses the following schedule to its fiscal 2015 (ended January 30, 2016) 10-K report relating to its leasing to its leasing activities. 2016 The aggregate minimum noncancelable annual lease payments under leases in effect on January 30, 2016, are as follows: Fiscal Year ($ millions) $1,385 2017 1,348 2018 1,196 2019 1,071 932 Thereafter 2,868 Total minimum lease commitments $8,800 2020 Compute the present value of GAP's operating leases using a 6% discount rate and round the remaining lease term to the nearest whole year. Round each answer to the nearest whole number. $ million Present Value Year 1 1,307 Year 2 1,200 Year 3 1,004 Year 4 848 Year 5 696 After 5 2,143 x $ 7,198 x Check You have correctly selected 5. Partially correct Marks for this submission: 5.00/7.00