Mr. White needs to upgrade the equipment at his factory. He can purchase the new equipment for $140,000 upfront (at t=0 ), or he can lease it for five years for $10,000 per quarter (paid at the end of each quarter). He can borrow at a 12% APR, compounded quarterly. Assuming that the equipment will be used for five years and there is no resale value after five years, should he purchase the equipment, or should he lease it