Equipment can be leased at $20000 per year (first payment at beginning of year) for nine years or purchased at a cost of $130000. A bank has indicated that it would be willing to make the loan of $130000 at a cost of 8%. There is no salvage value. Should the company buy or lease? Now assume a marginal tax rate of 30%. Should the firm buy or lease? The PV of the depreciation expense is 70% of the original investment. Assume a 5.6% discount rate. If you can solve it on Excel