Please don't use Excel.

PW is discussing a lease agreement of an 4-year life asset with a wellknown lessor. The asset costs $750,000 and will be depreciated using MACRS 3-year bracket. It will have $10,000 salvage value and the lease requires to make payments at the start of the year. The lessor's corporate tax rate is 25 percent while lessee's is 20 percent. Both lessor and lessee can borrow at 9%. What is the negotiating range of the lease