Consider the example in this deck with the following criteria:

Cost of Equipment: $1M

Annual Maintenance: $20K

Residual Value at Y4: $200K

Term of the Lease Agreement: 4 years

Discount Rate: 6%

CCA Depreciation Rate: 30% of remaining amount annually

Assume that the lease amount is fixed over four years

Using Solver, determine the minimum lease amount that the lessor should accept

provide the solution on a spreadsheet and detail explaination for each step