finance lease 3

no mistake in reproduction
bpp kit question:
”
Branch acquired an item of PPE on a finance lease on 1 jan x1. the terms were:

deposit: 1150
installments: 4000 pa for 7 years in arrears
cash price: 20000

useful life: 4 years and interest implicit 11%.
”
we are supposed to make the extracts for 31 dec x1
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the answer uses the cash price as the cost of the asset. but i calculated the individual pvs for each year and came up with 18849.

4000/1.11 =
4000/(1.11)^2 =
4000/(1.11)^3 =
and so on

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where am i going wrong?

joys of self study prep!!!!!