Big Sky Hospital plans to obtain a new MRI that costs $$1\mathrm{.}5$ million and has an estimated four$-$year useful life. It can obtain a bank loan for the entire amount and buy the MRI or it can lease the equipment. Assume that the following facts apply to the decision:

$-$ The MRI falls into the three$-$year class for tax depreciation, so the MACRS allowances are $0\mathrm{.}33,0\mathrm{.}45,0\mathrm{.}15,$ and $0\mathrm{.}07$ in Years $1$ through $4,$ respectively.

$-$ Estimated maintenance expenses are $$75,000$ payable at the beginning of each year whether the MRI is leased or purchased.

$-$ Big Sky$\text{'}$s marginal tax rate is $40$ percent.

$-$ Big Sky$\text{'}$s cost of debt is $15$ percent.

$-$ If leased, the lease $($rental$)$ payments would be $$400,000$ payable at the end of each of the next four years.

$-$ The estimated residual $($and salvage$)$ value is $$250,000.$

What is the NAL of the lease? Note: Format is $xxx$,$xxx if positive; $($$xxx$,$xxx$)$ if negative

What is the IRR of the lease? Note: Format is x$.$x$\%$ if positive; $-$x$.$x$\%$ if negative

b$.$ Assume now that the salvage value estimate is $$300,000,$ but all other facts remain the same.

What is the NAL after the salvage value is adjusted? Note: Format is $xx$,$xxx if positive; $($$xx$,$xxx$)$ if negative

What is the IRR after adjusting the salvage value? Note: Format is x$.$x$\%$ if positive; $-$x$.$x$\%$ if negative