Lease & Purchase $(20$ Marks$)($To be submitted in excel$)($Refer to Theme $7)$Sepia Ltd$.$ is a telecommunication services provider looking to expand to a new territory Kodac; it is analyzing whether it should install its own telecom towers or lease them out from a prominent tower$-$sharing company Noir Inc. Leasing out $200$ towers would involve payment of INR $5,000,000$ per year for $5$ years. Erecting $200$ news towers would cost INR $18,000,000($total$)$ including the cost of equipment and installation, etc. Owning a tower has some additional associated maintenance costs, such as security, power and fueling, which amounts to INR $10,000$ per annum per tower. The company$$s tax rate is $25\%$ while its long$-$term pre$-$tax cost of debt is $6\%.$ The tax laws allow straight$-$line depreciation for $5$ years. Determine whether the company should erect its own towers or lease them out.