metro is thinking of leasing a new materials. The lease lasts for eight years. The lease calls for eight payments of 262,000 per year with the first payment taking place right away. materials would cost 1,800,000 to purchase and would be straight-line depreciated to a 0 salvage value over eight year. The actual salvage value is negligible because of technological obsolescence. The firm can borrow at a rate of 5 percent. The corporate tax rate is 25 percent. What is the NPV of the lease relative to the purchase?