(Ignore Income Taxes in This Problem

(Ignore income taxes in this problem.) 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:

A) $9,511
B) $16,621
C) $20,877
D) $23,800