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You have signed a new lease today to rent office space for five years. The lease payments are fixed at $4,500 per month for the

You have signed a new lease today to rent office space for five years. The lease payments are fixed at $4,500 per month for the first two years, but rise to $5,500 per month in years 3-5. What is the present value of this lease obligation if the appropriate discount rate is 8 percent?

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