The aggregate minimum rental commitments under noncancelable leases for the periods shown at December 31, 2015, are as follows: Years (S millions) 2016 2017 2018 2019 2020 Thereafter Total minimum rental commitments Capital Leases $302 278 187 97 45 159 1,068 Operating Leases $2,744 2,486 2,211 1,939 1,536 7,297 $18,213 Less interest and executory costs Present value of minimum lease payments Less current installments 957 271 $686 Long-term obligation at December 31, 2015 (c) Compute the present value of Verizon's operating leases, assuming an 3.85% discount rate and rounding the remaining lease term to 3 decimal places. (Use a financial calculator or Excel to compute. Do not round until your final answers. Round each answer to the nearest whole number.) (S millions) Present Value Year 1 2,642 Year 2 2.305 1974 1.667 1,272 6.042 x Year 3 Year 4 Year 5 After 5 Total 15,677 * (Use subsequent rounded answers for calculation.) (c) Compute the present value of Verizon's operating leases, assuming an 3.85% discount rate and rounding the remaining lease term to 3 decimal places. (Use a financial calculator or Excel to compute. Do not round until your final answers. Round each answer to the nearest whole number.) (S millions) Present Value 2,642.472X 2,304.522 x Year 1 Year 2 Year 3 1,974.423X 1,667.54 X 1,271,808 x 5,815.709 x Year 4 Year 5 After 5 Total 15,676.47 X (Use subsequent rounded answers for calculation.) (c) Compute the present value of Verizon's operating leases, assuming an 3.85% discount rate and rounding the remaining lease term to 3 decimal places. Use a financial calculator or Excel to compute. Do not round until your final answers. Round each answer to the nearest whole number.) S millions) Present Value Year 1 2,642.279 X Year 2 2.305.09 x Year 3 1974.1 1,66706 X 1,271.62 ,368.12 Year 4 Year 5 After 5 Tocal (Use subsequent rounded answers for calculation.) 13,228.26 x