help please

Round your nal answer to 4 decimal places. Only accept hand-written assignment. Use pen and paper, ipad or tablet, save as pdf le and upload. COL Inc. can either purchase an equipment for $650,000 or lease it from LEN Inc. by making 12 annual lease payments [paid at the beginning of the year) of $39,600. The equipment has CCA rate of 20% and will have salvage value of $56,000 at the end of year 12. Assume this asset is the only asset in the asset class for both companies. LEN's borrowing cost is 11% which is 1% lower than COL's. COL and LEN have tax rate of 15% and 40% respectively. a} Calculate the N W of leasing for COL. b} Calculate the NPV of leasing for LEN. cl Calculate the maximum and minimum annual lease payment acceptable to COL and LEN respectively