I need to calculate the NPV, in the question we're currently in the year 2023. The project discussed will have the following initial costs:

Equipment lease:

$300,000 payable Jan 1, 2024

5 year lease

Implicit rate 9%

Equipment purchase at Jan 1, 2024:

Cost $2,000,000

5 year useful life

The projected revenues are:

2024 - 5m

2025 - 6m

2026 - 7m

2027 - 8m

2028 - 9m

My question is in year 0 would i include the equipment lease and equipment purchase? or would i include the equipment lease and equipment purchase in year 1 and have no initial costs in year 0?