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Janet Wigandt, an electrical engineer for Instrument Control, Inc. (ICI), has been asked to perform a lease-buy analysis of a new pin-inserting machine for ICl's PC-board manufacturing that has a project life of four years with annual revenues of $220,000 Click the icon to view the additional data about the projects Click the icon to view the MACRS depreciation schedules Click the icon to view the interest factors for discrete compounding when i= 9% per year Click the icon to view the interest factors for discrete compounding when i= 7% per year (a) What is ICI's present-value (incremental) cost of owning the equipment? The present-value (incremental) cost of owning the equipment S 87,887. (Round to the nearest dollar.) (b) What is ICl's present-value (incremental) cost of leasing the equipment? The present-value (incremental) cost of leasing the equipment is S 81,801. (Round to the nearest dollar.) (c) Should ICI buy or lease the equipment? Choose the correct answer below Leasing Buying More Info Buy Option: The equipment costs $120,000. To purchase it, ICI could obtain a term loan for the full amount at 9% interest, which is payable in four equal end-of-year annual installments. The machine falls into a five-year MACRS property classification. Annual operating costs of $34,000 are anticipated. The machine requires annual maintenance at a cost of $10,500. Because technology is changing rapidly in pin-inserting machinery, the salvage value of the machine is expected to be only $22,000 Lease Option: Business Leasing, Inc. (BLI) is willing to write a four-year operating lease on the equipment for payments of $37,000 at the beginning of each year. Under this arrangement, BLI will maintain the asset so that the annual maintenance cost of $10,500 will be saved. The operating costs will be the same, $34,000. ICI's marginal tax rate is 39%, and its MARR is 7% during the analysis period