A firm plans to either lease a piece of equipment or purchase it. The upfront purchase price is $820,000, and it is depreciated at $82,000 per year for tax purposes. The equipment could be sold in nine years for $82,000. If the firm leases the equipment, it pays annual lease payments of $44,000 at the beginning of each of 8 years. The firm's effective tax rate is 40 percent. Assume the before-tax cost of borrowing is 8 percent. A firm plans to either lease a piece of equipment or purchase it. The upfront purchase price is $820,000, and it is depreciated at $82,000 per year for tax purposes. The equipment could be sold in nine years for $82,000. If the firm leases the equipment, it pays annual lease payments of $44,000 at the beginning of each of 8 years. The firm's effective tax rate is 40 percent. Assume the before-tax cost of borrowing is 8 percent