company needs to decide whether to buy or lease new equipment. this company can make the decision to buy the equipment for $925,000. They would be charged an annual administrative cost if it leases the equipment. Consider the following information: Present Value of Annual Administrative Cost After-tax = $4,500; PVCCATS = $240,000; Present Value of Salvage Value = $220,000; Present Value of Lease Payments Tax Shield = $100,000; Present Value of Lease Payments Before-tax = $510,000. If you were calculating the NAL, what amount would you use in your analysis for the present value of leasing?