Company QRS is evaluating the option to lease a piece of equipment for its manufacturing operations. The lease requires monthly payments of $15,000 for five years. Alternatively, the company could purchase the equipment for $700,000 and expects it to have a useful life of ten years with no salvage value. Analyze and compare the total costs of leasing versus purchasing the equipment over a five-year period and recommend the most cost-effective option for the company, providing detailed reasoning.