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What is the present value of the following monthly lease? Lease term: 15 years (i.e., 180 payments, FIRST PAYMENT AT TIME 0) Payment amount: $730

What is the present value of the following monthly lease?

Lease term: 15 years (i.e., 180 payments, FIRST PAYMENT AT TIME 0)

Payment amount: $730 per month

Annual discount rate: 10% (Hint remember to convert the annual discount rate into an equivalent monthly discount rate)

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