The following information is gathered from Bed Bath & Beyonds 10-K report for fiscal year ended March 3, 2007. As of March 3, 2007, future minimum lease payments under noncancelable operating leases are as follows:

Fiscal Year Amount

2007 $ 372,168

2008 379,091

2009 364,226

2010 338,374

2011 306,524

Thereafter 1,435,481

Total future minimum

lease payments $3,195,864

If the appropriate discount rate is 10% for the operating leases and the amount after 2011 will be paid over a 4-year period, the present value of the operating leases is

	A.	$706,342
	B.	$2,136,329
	C.	$2,053,064
	D.	$3,195,864