A firm can buy a machine for $900,000, takes an investment tax credit of 15%, and lease out the machine for 9 years with lease payments at the beginning of the year, how much should the minimum annual lease payments be? Assume a 5-year straight-line depreciation, zero salvage and tax rate of 40%. Assume further that it can borrow at a before tax rate of 10%. Please complete on Excel and inlcude formulas and equations for cells.

A. $67,900

B. $80,200

C. $58,300

D. $72,900

E. $64,100