(Answered) Coach inc reports the following in its 2015 form 10-kthe

Management Studies

Coach Inc. reports the following in its 2015 Form 10-K.

The Company leases retail, distribution and office facilities, which expire at various dates through 2036. Future minimum rental payments under non-cancelable operating leases, as of July 2, 2016, are as follows:

Fiscal Year Amount (millions)

2017 $254.2

2018 232.4

2019 209.4

2020 181.4

2021 150.4

Subsequent to 2021 597.4

Total minimum future rental payments $1,625.2

Assume that the appropriate discount rate for the operating leases is 5%. Use a financial calculator to determine the present value of the future minimum operating lease payments. Round remaining life to the nearest whole number.

Round answer to two decimal places.

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