(Ignore Income Taxes in This Problem

(Ignore income taxes in this problem.) Knipper Corporation has entered into a 9 year lease for a piece of equipment. The annual payment under the lease will be $2,300, with payments being made at the beginning of each year. If the discount rate is 11%, the present value of the lease payments is closest to:

A) $18,649
B) $14,136
C) $20,700
D) $8,092