You have a fully outfitted deluxe party bus that you have arranged to lease out to a group of alumni for year-around tailgating activities for $12,000 per year. The alums are optimistic about the Rams’ outlook and have signed a contract with you at this rate for the next 8 years. You determine that you face an opportunity cost of capital of 6% per year. What is the present value of the payments you expect to receive? (Demonstrate/describe how you got this value.