Red Sun Rising Corp. has just signed a lease for its new manufacturing facility. The lease agreement calls for annual payments of $1,500,000 for 10 years with the first payment due today. If the interest rate is 3.41 percent, what is the value of this liability today?

• $13,606,971.83

• $13,282,996.31

• $11,905,105.65

• $12,959,020.79

• $12,531,690.16