11.7 Assume that there is a 40% marginal tax rate. An asset with a life of 3 years can be bought for $25,313 or leased for $10,000 per year. Funds can be borrowed at cost of 0.09 (payments of $10,000 per year). a) What is the present value of the debt (the liability) if the funds are borrowed at a cost of 9%? Assume that the payments to the bank are $10,000 per year. Assume straight-line depreciation. b) What is the present value of the lease payments of $10,000 (the liability)