Domebo Corporation has entered into a 7 year lease for a piece of equipment. The annual payment under the lease will be $3,400, with payments being made at the beginning of each year. If the discount rate is 14%, the present value of the lease payments is closest to (Ignore income taxes.): See separate Exhibit 13B-1 and Exhibit 13B-2 to determine the appropriate discount factor(s) using table.
A. $16,623
B. $23,800
C. $20,877
D. $9,511
Answer: A
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This allows people to buy things now instead of having to wait until they have saved enough cash to pay for them.
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