Fran's Business has two options:

(A) lease a $60,000 machine over a five-year period with an annual lease payment of $14,000;

(B) borrow $60,000 amount from the bank over the five-year period to buy the asset. The bank would charge a 9% interest.

Other financial assumptions are:

(a) the company's income tax rate is 30%;

(b) the capital cost allowance for the equipment is an even $12,000 per year;

(c) the equipment has no residual value;

What is the 5 year NPV of all after-tax lease payments, using a discount rate of 15% (a negative number)?