A diesel generator for electrical power can be purchased $($it is now buying the power from an external source$)$ by a remote community for $$480,000$ and used for $10$ years, when its salvage value is $$50,000.$ Or it can be leased for $$70,000$ a year. $($Remember that lease payments occur at the start of the year$).$ The community's interest rate is $8\%.$ Show your calculations in your working document. Include a table WITH formulas and calculations for the questions below.

a$.$ Using the IRR method, choose the best option.

b$.$ The community will spend $$80,000$ less each year for fuel and maintenance than it currently spends from buying the power from a third party. What is would be the IRR from buying the generator assuming it was an independent project?

c$.$ Repeat b$)$ but now do the same for leasing the generator.