4. A firm proposes to lease an asset of *20 lakh. The annual, end-of-the-year, lease rentals will be *5 lakh for 5 years. The firm is not in a position to pay tax for next 5 years. The depreciation rate (WDV) is 25 per cent per annum. The lessor's marginal tax rate is 35 per cent. Calculate the net present value of lease to the lessee and the lessor. What are the break-even rentals to the lessee and the lessor? How can both benefit from the deal? Show your computations. Assume that the lessee's post-tax borrowing rate is 14 per cent.