A cement manufacturer is considering leasing drying equipment which is worth Rs 75 lakh. It will have to pay five annual beginning-of-the-year lease rentals of Rs 20 lakh. The tax rate is 35 percent and the manufacturer can write-off the cost of equipment at a 25 percent written down the basis for 5 years. The manufacturers effective borrowing rate is 16 percent. Should the equipment be leased

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