A manufacturer can lease a machine for 6 years at $2,280 per quarter, payable at the beginning of each quarter. Alternatively, they can purchase the machine for $43,000 and sell it for $5,200 in 6 years. The cost of capital is 11.4% compounded annually. a. What is the present value of the cost: (enter a positive value accurate to the nearest dollar) i) of the lease option? $ ii) of the purchase option? b. Should the manufacturer purchase or lease? Purchase since Purchase PV is higher than Lease PV Lease since Lease PV is higher than Purchase PV Purchase since Purchase PV is lower than Lease PV Lease since Lease PV is lower than Purchase PV Lease since Purchase PV is lower than Lease PV Purchase since Lease PV is lower than Purchase PV