$5,000,000 and would be depreciated straight-line to zero over four years. Because of radiation contamination, it will actually be completely valueless in four years. You can lease it for $1,450,000 per year for four years. Assume that your company does not contemplate paying taxes for the next several years. You can borrow at 8 percent before taxes.

What is the NAL of the lease? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)