Bruges Inc plans to acquire equipment with a 4-year life at a cost of $12 million (delivery and installation included). Bruges can borrow the $12 million at 12%, fully amortized over 4 years. Alternatively, Bruges can lease the equipment for 4 years at a rental charge of $4 million per year, payable at the end of the year. At the end of the term the equipment will have an estimated salvage value of $1 million. At that time Bruges plans to replace the equipment regardless of whether the firm leases or purchases it. The lease includes maintenance service, whereas if the equipment is bought, it would require maintenance provided by a service contract for $600,000 per year, payable at the end of the year. The equipment falls into the MACRS 5-year class life, and the depreciable basis is the original cost. Bruges' tax rate is 25%. Enter numbers as MILLIONS. So $4 million is $4, $600,000 is $0.6. Calculate the PV of ownership, PV of leasing, and the net advantage to leasing