A rancher is considering the option to lease new equipment. Inflation is assumed to be zero. Assume that the lease payment is constant through the lease agreement. Assume that the lease payments would be made at the beginning of the year and the lease ends at the end of the 8th year. This lessor will pay for repairs and maintenance. The operating expenses for this tractor will be $5,525 with a marginal tax rate of 15% and an after tax discount rate of 9%. (i) Calculate the net present value of the lease arrangement investment. a. -$32,592 b. -$4,696.25 c. -$28,332.25 d. None of the answers are correct