A lease with a term of 6 years calls for annual payments of $2,200. The leased asset would cost $9,600 to buy and would be depreciated straightline to a zero salvage value over the 6 years. The firm can borrow at a rate of 10 percent. What is the NPV of the lease relative to the purchase if the lessee's tax rate is 21 percent?

a. $410.22

b. $349.31

c. $444.04

d. $3,465.33