Using a Financial Calculator to Determine Present Value of Operating Leases Coach Inc. reports the following in its 2015 Form 10-K. The Company leases retail, distribution and office facilities, which expire at various dates through 2036. Future minimum rental payments under non-cancelable operating leases, as of July 2, 2016, are as follows:

Fiscal Year	Amount (millions)
2017	$254.2
2018	232.4
2019	209.4
2020	181.4
2021	150.4
Subsequent to 2021	597.4
Total minimum future rental payments	$1,625.2

Assume that the appropriate discount rate for the operating leases is 5%. Use a financial calculator to determine the present value of the future minimum operating lease payments. Round remaining life to the nearest whole number. Round answer to two decimal places.