Oriole Business School is considering whether to lease or buy shuttle buses for students travelling between its two campuses. The buses cost $$3\mathrm{.}40$ million, with a CCA rate of $20$ percent. The lease payments are $$760,000$ per year for the next five years, with payments made at the beginning of each year. There is no maintenance cost, and the expected market value of the buses after five years is zero. Assume the cost of borrowing is $6$ percent. Note that universities do not pay tax.

Calculate the NPV of the lease payments. $($For calculation purposes, use $5$ decimal places and final answer to $0$ decimal places, e$.$g$.5,275.$ Enter negative amounts using either a negative sign.preceding the number e$.$g$.-45$ or parentheses e$.$g$.(45).)$

NPV$($leasing$)$ $

Should Oriole Business School lease the buses or buy them?

Oriole Business School should $$ the buses.