Problem $21-3$ Finding the Break$-$Even Payment

You work for a nuclear research laboratory that is contemplating leasing a diagnostic

scanner $($leasing is a common practice with expensive, high$-$tech equipment$).$ The

scanner costs $$5,900,000$ and would be depreciated straight$-$line to zero over five

years. Because of radiation contamination, it will actually be completely valueless in five

years. Assume that the tax rate is $25$ percent. You can borrow at $8$ percent before

taxes. What would the lease payment have to be for both the lessor and the lessee to be

indifferent about the lease? $($Do not round intermediate calculations and round

your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

Answer is complete but not entirely correct.