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The South Carolina DMV leases a building for 20 years. The lease requires 20 annual payments of $12,000 each, with the first payment due immediately.

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The South Carolina DMV leases a building for 20 years. The lease requires 20 annual payments of $12,000 each, with the first payment due immediately. The interest rate in the lease is 12%. What is the present value of the cost of leasing the building? (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round answer to 2 decimal places, e.g. 52.75.) Click here to view the factor table. Present value $

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