Precast Inc. wishes to lease a printing press valued at $75,000 from Molding Corp. for a 4-year time period. Molding Corp. expects to depreciate the asset using 3-year MACRs rates (33%, 45%, 15%, and 7% respectively). The press is expected to have a salvage value of $8,000 at the end of 4 years. If Molding Corp. requires a 12% after-tax rate of return on the lease, what is the minimum lease payment that it will require from Precast? Assume that lease payments will occur at the beginning of the year and that Moldings marginal tax rate is 40%. *What am I doing wrong*

IO	750,000.00					0	1	2	3	4
Life	4.00				IO Foregone	(750,000.00)
Salvage foregone	8,000.00				ATLP	600.00	600.00	600.00	600.00
BTLP	1,000.00				Dep Shield		99,000.00	135,000.00	45,000.00	21,000.00
Tax Rate	40%				Salvage					8,000.00
Rd	12%				Total	(749,400.00)	99,600.00	135,600.00	45,600.00	29,000.00
Dep
1	33%	247,500.00	502,500.00
2	45%	337,500.00	165,000.00		NAL	(501,484.74)
3	15%	112,500.00	52,500.00
4	7%	52,500.00	-