Analyzing, Interpreting and Capitalizing Operating Leases YUM! Brands, Inc., reports the following footnote relating to its capital and operating leases in its 2015 10- K report ( millions) Future minimum commitments under noncancelable leases are set forth below. At December 26, 2015, the present value of minimum payments under capital leases was $169 million. 2016 2017 2018 2019 2020 Thereafter Commitments ($ millions) Capital Operating $672 620 569 516 457 2,123 $4,957 $20 20 20 20 188 $287 (a) Confirm that the implicit rate on YUM!'s capital leases is 7.634% Amount IRR 0 (169) 7.634 % 20 2 20 3 20 4 20 19 19 19 19 19 10 19 19 12 19 13 19V 19 15 17 using a 7.634% discount rate and rounding the remaining lease life to three decimal-places, compute the present value of YUM!'s operating leases. (Use a financial calculator or Excel to compute. Do not round until your final answers. Round each answer to the nearest whole number.) (Use nal answers. Roung ($ millions) Present Value Year 1 624 | Year 2 535 Year 3 456 Year 4 84 Year 5 316 After 5 212 X Total ,003X *(Use subsequent rounded answers for calculation.)