BE18.4 (similar to) s Question Help Waseca Digital Solutions signed a 4-year lease at the beginning of the current year. The leased equipment has an economic life of 8 years and a fair value of $1,700. Under the terms of the lease, Waseca is required to pay $480 on January 1 of each year. There is no purchase option, and Waseca must return the equipment at the end of the lease term. Determine whether this lease is a finance or an operating lease if Dial Digital knows that the lessor's implicit rate is 9%. (Click the icon to view the Future Value of $1 table.) (Click the icon to view the Future Value of an Ordinary Annuity table.) (Click the icon to view the Future Value of an Annuity Due table.) (Click the icon to view the Present Value of $1 table.) (Click the icon to view the Present Value of an ordinary Annuity table.) (Click the icon to view the Present Value of an Annuity Due table.) Before completing the requirement, identify the present value of the lease payments. (Use the present value and future value tables, the formula method, a financial calculator, or a spreadsheet for your calculation. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places, X.XXXXX. Round your final answer to the nearest whole dollar.) The present value (PV) of the payments due under the lease is $