As Executive Director of a nonprofit organization you are faced with a decison to acquire a copier for the organization. Your options are to enter into an operating lease, a capital lease or to purchase the machine outright. While you have the money to purchase the machine, the copier company representative is recommending a capital lease. One of your board members is recommending an operating lease. The board asks you to study the issues and make the decision yourself as to which option is most appropriate. However, you know they will want some justification for your decision. Develop your justification using appropriate time value analysis. The copier is expected to have at least a 5 year operating life. The current discount rate is 4.5%. Using the proper Excel formula, please calculate the annual present value for each payment as well as the total present value for each option to determine which provides you the lowest net present value of acquistion.