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The first payment will be at the end of the current year

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Latting Corporation has entered into a 7 year lease for a building it will use as a warehouse. The annual payment under the lease will be $4,781. The first payment will be at the end of the current year and all subsequent payments will be made at year-ends. What is the present value of the lease payments if the discount rate is 6%?

A) $31,573

B) $22,257

C) $33,467

D) $26,688

Reference no: EM13567168

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