The Washington DMV leases a building for 20 years. The lease requires 20 annual payments of $14,000

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The Washington DMV leases a building for 20 years. The lease requires 20 annual payments of $14,000 each, with the first payment due immediately. The interest rate in the lease is 11%. 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.)

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Present value

$enter the present value in dollars rounded to 2 decimal places

Posted Date: Dec 13, 2021 11:52 AM

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The Washington DMV leases a building for 20 years. The lease requires 20 annual payments of $14,000

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Expert Answer:

Number of annual payments n 20 Annual payments 14000 Interest rate 1 11 ... View the full answer

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