Please explain how to calculate fair value manually - no appendix tables, no financial calculator.

31. Hopeful Ltd leased a portable sound recording studio from Lessor Ltd. Lessor has no material initial direct costs. Hopeful Ltd does not plan to acquire the portable studio at the end of the lease because it expects that, by then, it will need a larger studio. The terms of the lease are as follows: Date of entering lease: 1 July 2019. Duration of lease: four years. Life of leased asset: five years. Lease payments: $50 000 at the beginning of each year. First lease payment: 1 July 2019. Lease expires: 1 July 2023. Interest rate implicit in the lease: 8 per cent Guaranteed residual: $40 000. REQUIRED (a) Determine the fair value of the portable sound recording studio at 1 July 2019. LO 11.7 11.10