Darling Leasing is considering the lease to Major State University of a piece of equipment costing $500,000. The period of the lease will be 8 years. The equipment will be depreciated under MACRS rules for 7-year class assets. Darling's marginal tax rate is 40 percent. Annual (end-of-year) lease payments will be $80,000. Estimated salvage is $20,000. If Darling requires a 24 percent after-tax return on equipment it leases, should the lease be made? Use Table II and Table 9A-3 to answer the question. Round your answer to the nearest dollar. Present value of net cash flows (excluding net investment): \$ The project is