Question: A machine tool for casting parts has a list price of $3,000,000. It can be leased for $400,000 per year, payable at the beginning of

A machine tool for casting parts has a list price of $3,000,000. It can be leased for $400,000 per year, payable at the beginning of each year. The cash price for purchasing the machine tool is $2,500,000, which can be sold for $50,000 after 10 years of use. (a) What is the interest rate for leasing? Clearly write the equation for finding the interest rate using the factors. (do NOT calculate yet!)

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