The manufacturer of engine oils and lubricants leases the rights to produce a group of high-speed lubricants from Oil Corporation. The lease agreement calls for a payment of $60,000 at the end of each quarter for 6 years. If the current interest rate is 6.8% compounded quarterly, find the present value of payments.
a. $2,395,082.14
b. $1,254,222.26
c. $1,194,329.63
d. $1,174,365.42
d. $1,174,365.42
Mathematics
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