HASF ltd is planning to either lease a computer system or buy if from the manufacturer. The computer can be purchase 2.2 million. the purchased would be finance by a bank term loan for 2.2 millions the loan would be repayable in five equal installment of 565,604 with interest rate of 9% . the computer would be depreciated at an annual rate of 400,000 for 5 year tax rate is 44% . the company also lease this computer system for 5 year for an annual lease payment of 551,000 payable at year end under either the purchase plan or the lease plan the computer manufacturer would be willing to provide maintenance service for 5 year for 22,000 annually Required Which equipment use alternative appears to be more desirable on a net present value basis assume the cost of capital is 10%

P.s: Solve manually, do not solve on excel, Thank You.