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Deaf Leopard, Inc. is considering whether to buy or lease a new machine immediately (i.e., in year (). The purchase price of the machine is

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Deaf Leopard, Inc. is considering whether to buy or lease a new machine immediately (i.e., in year (). The purchase price of the machine is $49,000 and it would be depreciated straight-line to zero over the next 5 years (i.e., from year 1 to year 5), at which time the machine would be worthless. As an alternative, Leopard could lease the machine for 5 years by paying $13,000 per year from year 0 to year 4. If the company is tax exempt (i.e., the company does NOT pay taxes) and its cost of secured debt is 16% p.a., find the NPV of leasing versus buying; that is, find NPVL-B. Your answer must be accurate to the nearest dollar; that is, it must have no decimals. Do not use the comma separator. If the answer is negative, make sure to write the negative sign followed by the numbers; e.g., -1234 (Acceptable error = $200)

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