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ILLUSTRATION 4 Fair finance, a leasing company, has been approached by a prospective customer intending to acquire a machine whose Cash Down price is 23 crores. The customer in order to leverage his tax position, has requested a quote for a three year lease with rentals payable at the end of each year but in a diminishing manner such that they are in the ratio of 3: 2: 1. Depreciation can be assumed to be on straight line basis and Fair Finance's marginal tax rate is 35%. The target rate of return for Fair Finance on the transaction is 10%. Required: Calculate the lease rents to be quoted for the lease for three years