A firm is considering the purchase of a new equipment costing $6,652,360 which qualifies for a 35% CCA rate. This equipment has a 4-year life after which it can be sold for $1,046,610. The firm can lease it for $1,618,130 per year for its useful life. Assume that the firm makes payments at the end of the year, the asset pool remains open, the tax rate is 32%, and the pre-tax cost of borrowing is 8.50%. What is the absolute value of the net advantage to leasing?

1) 351,808

2) 360,829

3) 369,849

4) 378,870

5) 387,891