A company needs to decide whether to buy or lease new equipment. The company can buy the equipment for $3,500,000. If leased, the company will be required to pay maintenance costs annually. Consider the following: Present Value of Lease Payments Before-tax = $2,000,000; Present Value of Lease Payments Tax Shield = $400,000; PVCCATS = $875,000; Present Value of Salvage Value = $900,000; Present Value of Annual Maintenance Costs After-tax = $7,000. Assume you were computing the NAL for the company. What amount would you use in your analysis for the present value of leasing?