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Assume that a company is choosing between two alternatives-lease a piece of equipment for five years or buy a piece of equipment and sell it in five years. The costs associated with the two alternatives are summarized as follows: Lease. Buy Purchase cost of equipment $ 60,000 Annual operating costs $ 6,000 Immediate deposit Annual lease payments Salvage value (5 years from now) $ 10,000 Click here to view Exhibit 148-1 and Exhibit 14B-2, to determine the appropriate discount factor(s) using the tables provided. If the company chooses the lease option, it will have to pay an immediate deposit of $25,000 to cover any future damages to the equipment. The deposit is refundable at the end of the lease term. The annual lease payments are made at the end of each year. Assuming a discount rate of 20%, what is the net present value of the cash flows associated with buying the equipment? O $(71,926) $(73,926) O $(75,926) O $(69,926) $ 25,000 $ 15,000 EXHIBIT 14B-1 Present Value of $1, 1 (1+r) 6% 7% 8% 9% 10% 11% 21%22% 23% 24% 25% 2 31 4 15 6 10 11 12 13 14 Periods 4% 5% 12% 13% 14% 15% 16% 17% 18% 19% 20% 0962 0952 0943 0935 0.926 0917 0.909 0.901 0.893 0885 0877 0.870 0.862 0.855 0847 0.840 0.833 0826 0.820 0819 0.806 0.300 0.925 0907 0.890 0.873 0.857 0812 0826 0812 0797 0,783 0.769 0.756 0.743 0.731 0.718 0.706 0.694 0683 0.672 0661 3630 0.640 0.889 0.8640340 0816 0.794 0.772 0751 0.731 0712 0693 0675 0.658 0641 0624 0609 0.593 0579 0564 0551 0537 0524 0.512 0855 0.823 0.792 0.763 0.735 0.708 0.633 0.659 0.636 0.613 0.592 0572 0552 0534 0516 0499 0482 046704510437 042 0410 0822 0.784 0747 0713 0681 0.650 0621 0593 0.567 0543 0519 0.497 0.476 0.456 0.437 0.419 0.4020396 0.370 0355 0941 0328 0.790 0746 0.705 0.666 0.630 0.596 0564 0.535 0507 0480 0.456 0432 0410 0390 0.370 0352 0333 0319 03010289 0275 0.262 0.760 0.711 0.665 0.623 0.583 0.547 0513 0.487 0452 0425 0.400 0376 0.354 0333 0314 0.296 0279 0263 0.249 0.335 0222 0210 8 031 0.677 0.627 0582 0.540 0.502 0.467 0.434 0.404 0376 0351 0.327 0305 0.285 0.266 0249 0233 0218 0204 0.191 0199 0.168 07030645 0 592 0544 0.500 0.460 0424 0391 0.361 0333 0.308 0284 0263 0243 0.225 02090194 0,1500167 0.155 0144 0.134 0.676 0614 0.558 0.508 0.463 0.422 0 386 0.352 0322 0.295 0.270 0247 0227 0201 0.191 0.176 0.162 0149 0137 0126 0.116 0.107 0650 0.585 0.527 0475 0.429 0388 0 350 0.117 0.287 0261 0.237 0215 0195178 0162 0148 0135012301120103 0.091 0.086 0625 0557 0.497 0444 0.397 0356 0.319 0286 0.257 0231 0208 0.187 0.168 0.152 0132 0124 0.412 0102 0092 0.08 0.076 0.059 060105300469 0415 0.368 0326 0 290 0.258 0.229 0204 0.182 0.163 0145 0130 0116 01040091 0084 0075 0.068 0.061 0035 0577 0.505 0442 0388 0340 0.299 0263 0.232 0205 0.181 0.160 0.141 0125 0.311 0099 0.058 0078 0.069 0062 0053 0049 0061 0555 0431 0417 0362 0315 0275 0.239 0209 018 0160 140 0.123 0.108 9095 0084 0024 0.065 0.057 0.051 0045 0.040 0015 0.534 0458 0.394 0339 0292 0252 0.2180188 0.163 0141 61230 107 0093 001 0078 0062 0054 0047 004 0016 0.032 0.02 0313 0416 0.371 0317 0270 0231 0.198 0120 0 146 0125 0108 0.093 0.0800069 0060 0052 0045 0.019 0014 0010 0026 0023 04940416 03500296 0.250 0.212 0.180 0153 0130 0111 0.095 0.081 0050 0.051 0044 0018 0032 0028 0.024 0.021 0018 0.051 0.043 0037 0031 0027 0023 0.020 00170014 0.475 0196 0331 0277 0232 0194 0164 0118 0116 008 0083 0.070 6060 0456 0377 0312 0958 0.215 0.128 0149 0124 0104 0.087 0073 0061 0.001 0043 0057 001 0026 0.092 0019 0016 0014 0012 0077 0.064 0053 0044 0.017 0011 0026 0022 0018 0015 0013 0011 0.009 0.419 359 0294 0242 0.199 0164 0135 0.112 0.091 0492 0342 027 0226 0184 0150 0.125 0.101 0.0830065 0056 0546 00 003200260029 0.01 0.015 0013 0011 00000407 0406 0326 0262 0211 0170 0.13 0.112 0.0910074 0060 0.049 0040 0033 0X027 0.622 ODIN 0015 0012 0010 0.009 607 0006 0390 0316 03470197 015 0126 010) 0012 0066 005) 004 00150021 0023 0.019 0015 0013 0010 0005 0007 006 0605 0233 0.184 0146 0.116 0092 00740099 0047 0014 0030 002400200016 0013 0010 0.000 0.007 0.006 0005 0.004 0220 017 0135 0.106 0084 0.066 0.053 0.042 0033 0024 0.021 0.017 0014 0011 0009 0.007 0.00 0.000 0.00 0.001 0307 0161 0125 0.698 0076 0.060 0047 0037 0029 0023 00180014 0011 0009 0097 0.006 005 000 000 002 0.006 0.005 0.004 0.001 0.0020002 0.196 0.150 0.116 0090 00690054 0.042 0.033 0026 0029 0016 0012 0910 0005 0006 0.005 0.004 0.005 0002 0.002 0.002 0.021 0243 0.185 0141 0107 00820063 001 0037 0029 0.002 00170094 0011 000 0.308 0231 0174 0131 0099 00790057 0044 0033 0.026 001300015 0012 0009 000700050004 0.00 0.00 0.002 0022 0.001 02080142 0099 0067 0016 0.052 0092 0.015 0011 0008 0.005 000 000 0002 0001000100010000000000000000000 15 16 17 16 19 120 21 22 23 24 0375 0295 25 26 0.361 021 27 0.347 0.268 28 0393 0255 29 30 40 T L 6 6900 EXHIBIT 14B-2 Present Value of an Annuity of $1 in Arrears, 11 [1-1(1+r)n] Periods 4% 5% 8% 9% 10% 11% 13% 25% 0.962 8060800 23 1886 2.775 2.723 17% 18% 19% 20% 21% 22% 23% 0.909 0.901 0893 0885 0877 0370 0862 0855 0847084008390326 0420 0813 1736 1713 1690 1668 1647 1626 1605 158515661547152815091492474 1457 1.440 2:487 2444 2402 2361 2322 2283 2246 2210 2174 2140 2106 2074 2012 2011 1981 1952 3240 3.170 3.102 3037 2974 2914 2.855 2.798 2.743 2.690 2639 2589 2540 2494 2448 2404 2362 3 4 0.952 0943 0.935 0.926 0917 1859 1.833 1808 1783 1759 2.673 2624 2577 2.531 3630 3546 3.465 3.387 3312 4452 4.329 4212 6 5.242 5.076 4.917 4.767 4.623 6 002 5.786 5 582 5.389 5206 8 6.733 6.463 6.210 5971 5.747 6515 6247 35688416 13.435 7.108 10 6495 3.092 3020 2951 4.486 4355 4231 4111 5.033 4868 4712 4564 4423 4288 4160 4039 3922 3412 37063605 3327 32423161 5.535 5335 5.146 4968 4799 4639 4487 4344 207 4078 954 3837126 1619 9318 3421 3:329 5.995 5.959 5537 5328 5.132 4946 4772 4607 4451 43034163 4031 9053786 16733566 3463 8.111 7.722 7360 7024 6710 6418 6145 5.889 5650 5426 5216 5019 4833 46594894 453352 192 4054 2913 37993682 3571 11 8.760 8.306 7.887 7.499 7139 6805 6.207 5938 5687 3453 5234 5029483646564456 432 417 41035 3902 1776 3656 498848934611 4419 4278 4177 3.985 9851 3925 118 49104.715 45A 43624293405339123780 3962 3324 5224 3:46 5229 5008 4802 4611 443242654109 44894315 4153 4001 3859 15 16 11.652 10.838 10 106 9417 8851 8.313 7824 379 6914 6604 6265 5.954 5668 5405 5.162 49231 4250 4536 4337 4339 4013 3.887 17 12 9916 9394 8.853 8.358 7904 7487 7103 6.750 6.424 6.122 5842 5583 5342 14 10563 9.899 9.295 7756 367 6.983 6628 6.302 6002 18 12.659 11 690 10 828 10.0599372 756 19 8.201 $950 8.3657439 73666.938 6550 6.198 5877 5584 3316 3000 4843 4635 4442 4263 4097 3942 20 13.390 12.462 11:470 10.594 9818 9.129 8514 796) 7469 7025 6623 463595019 6312 591 365 534 5127489 21 14.029 12.521 11.764 10 836 10.017 9.292 8649 8075 7562 710 668 22 14.451 13.163 12.042 11.061 10 201 9.447 8.772 $176 7645 7110 674) 6399 4011 566 5410 5.149 499 400 4418 14 857 13.489 12.303 11 272 10.371 9580 266 2.718 7230 699 6399 6004 3:23 5412 516 4675 33 24 25 4925 4701 4.400 4311 141939% 5467 5.1954.948 4721 45544359 4.147 1.085 4520 432 4351 3988 4505206 4956 4728 15.692 14.094 127833 11.654 10 675 9.8239.077 422 784) 2330 613 6.454 6097766 2396 7372 6.906 6491 63115.78333 16.330 14.643 13.211 11.987 10935 10 027 9.237 8548 7943 2409 69355 6514 616 3591 5492 5219 4964 474 432 433 434 3090 16.663 14.898 13.406 12:137 11.051 10 116 9,307 3602 7984 7441 6561 6554 6.152 5810 $507 522) 4520 4759 432 4335 4159 993 59 6177 5829 5517 53334919 30 17.292 15372 13.765 12.409 1958 10.274 9427 8.694 055 7496003 6566 40 19.793 17.159 15:046 13332 11.925 10957 9.779 111244 2.644 1056642 62305371 5543 5253 499 4.760 14544 434 4166 3999 5 L 6 EL 26 769 22 10 2089 564 9621 SIVE LISE 509 969 E 160E 068 166 0011 683 366 N 1096 EE OF SSEEE SOOZE PELKE 1691 ST ISEE 182 1645 ICVS 0995 316 1619 2619 189 1914 9852 576 188 198 $ 581 6 1916 666 018 01908 1 COOKES SCOPE FESSE 661 E DEZE $891 109 2E9 6789 021 695 0899582216 (956 LLY 01 122 11 991 21 HTS SILS SCOP 201 200%S CES 5155 4995 2919 1919 1189 161 909 1908 655 8 8016 2146 OSE OF 311 11 967 1662 850 ZL SITE SCHEDERE 867 685 RCS SEYC 670 FLESS 1665 8185 8219 1929 0159 0544 COLL 0661 440S ECT56 809 ZEE+ 689 572 102 698 190E 6ICT 160 610 CICE 5600 0949 459 1015 SC 895 12 RESSADER THE COST SUCY ACT 1815S 1695 WAS 409 409 5689 ARE FRA BER5963 2066 625 of 69 11 055 Z1 667 ET POSE 16 011 6429 AWT THE COCH PLEN 0166 DELF CONF 016650 8C6 000 1559 074 967 6809 01SS 0KS9919 159 1869 067% ECO 0598 OLE6 861 01 BST IT BECCE LOCET 1PEST +8691 97 165 16665147 166091 GACH