Pele Corp. is a professional leasing company. The leasing manager has to evaluate some lease agreements under the following conditions:

	The companys marginal federal-plus-state income tax rate is 40%.
	The company has alternative investment options of similar risk that yield 5.50%.

Assuming all other factors and values are constant among these leases, from the lessors perspective, which of the following is the best lease?

A lease that has an IRR of 2.80%.

A lease that has an MIRR of 2.20%.

A lease that has an NPV of $45,000.

A lease that generates an after-tax rate of return of 4.60%.