Using a Financial Calculator to Determine Present Value of Operating Leases Coach Inc reports the following in its 2015 Form 10 K The Company leases retail, distribution and office facilities, which expire at various dates through 2036 Future minimum rental payments under non cancelable operating leases, as of July 2, 2016, are as follows Fiscal Year Amount (millions) 2017 $254 2 2018 232 4 2019 209 4 2020 181 4 2021 150 4 Subsequent to 2021 597 4 Total minimum future rental payments $1,625 2 Assume that the appropriate discount rate for the operating leases is 5 Use a financial calculator to determine the present value of the future minimum operating lease payments Round remaining life to the nearest whole number Round answer to two decimal places

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Question: Using a Financial Calculator to Determine Present Value of Operating Leases Coach Inc. reports the following in its 2015 Form 10-K. The Company leases retail,

Using a Financial Calculator to Determine Present Value of Operating Leases Coach Inc. reports the following in its 2015 Form 10-K. The Company leases retail, distribution and office facilities, which expire at various dates through 2036. Future minimum rental payments under non-cancelable operating leases, as of July 2, 2016, are as follows:

Fiscal Year	Amount (millions)
2017	$254.2
2018	232.4
2019	209.4
2020	181.4
2021	150.4
Subsequent to 2021	597.4
Total minimum future rental payments	$1,625.2

Assume that the appropriate discount rate for the operating leases is 5%. Use a financial calculator to determine the present value of the future minimum operating lease payments. Round remaining life to the nearest whole number. Round answer to two decimal places.

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