The Old School is trying to decide whether it should purchase or lease a new high-speed photocopier m the school will use $14,000 to purchase the copier and $750 each year to maintain the machine over the course life. At the end of the sixth year, Old School expects to be able to sell the copier for $1,000. A dealer has school the same copier for a payment of $750 at the beginning of the lease plus lease payments of $3,450 years. Lease payments include all maintenance. The dealer was unable to offer a lease longer than 4 years would be made at the beginning of each year. If Old School's discount rate is 8 percent, which alternates and why?