A company can either buy certain land for outdoor storage of equipment or lease it on a 15-year lease. The purchase price is $80,000. The annual rental is $5,000 payable at the start of each year. In either case, the company must pay property taxes, assessments, and upkeep. It is estimated that the land will be needed for only 15 years and will be salable for $100,000 at the end of the 15-year period. What rate of return before income taxes will company receive by buying the land instead of leasing it?

Don't use excel. Hand calculate this problem.