Cayman Productions is considering either leasing or buying some new underwater photographic equipment. The lessor charges $26,900 a year for a 2-year lease, starting year 1. The purchase price is $48,600. The equipment has a 2-year life after which time it will be worthless. Cayman uses straight-line depreciation, borrows money at 8 percent, and has sufficient tax loss carryovers to offset any taxes which otherwise might be owed for the next 4 years. What is the NPV of the lease? (You dont have to use the table if you dont find it helpful). (a) -$1,315 (b) -$1,298 (c) $630 (d) $1,343 (e) $1,457