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Jack Sawyer is presently leasing a copier from John Office Equipment Company. The lease requires 11 annual payments of $2,500 at the end of each year and provides the leaser (John) with an 8% return on its investment. You may use the following 8% interest factors:
9 Periods 10 Periods 11 Periods
Future Value of 1 1.99900 2.15892 2.33164Present Value of 1 .50025 .46319 .42888Future Value of 12.48756 14.48656 16.64549Ordinary Annuity of 1Present Value of 6.24689 6.71008 7.13896Ordinary Annuity of 1Present Value of 6.74664 7.24689 7.71008Annuity Due of 1
(a) Assuming the computer has an eleven-year life and will have no salvage value at the expiration of the lease, what was the original cost of the copier to John?
(b) What amount would each payment be if the 11 annual payments are to be made at the beginning of each period?
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