Lester's Gym wants to expand its facilities by obtaining $$62,000$ worth of

new exercise equipment. The equipment will have a $4-$year life, belongs in a

$25\%$ CCA class, and will have no residual value. The cost of borrowed funds

is $9\mathrm{.}5$ percent, the weighted average cost of capital is $12\%$ and the tax rate

is $40$ percent. Assume the lease payments are payable at the beginning of

each year and the lease qualifies as a true tax lease. What is Lester$$s

breakeven lease payment?