- Joe-Elk tractors offers a lease/buy program that will allow a farmer to lease a new C7060 tractor for
six years with an option to purchase for a specified value at any time up to the end of the lease.

The purchase price of the tractor is determined by the function
P(m) = 249,200(0.9925)^72 – m,
where m is the number of months remaining in the lease. Twenty-four months into the lease, Jacob is
considering purchasing the tractor. What is the purchase price of the tractor?
A. $173,625.21
B.$144,877.61
C. $144,901.61
D.$208,008.18