PROBLEM ONE (20 points) Fatal has decided to acquire an asset costing $200,000 that has an expected life 3 years. The asset can be purchased by borrowing or it can be leased. If leased, the lessor required return is 10% and the lease payment will be paid semi-annually at the beginning of each period. The tax rate is 40% and the cost of capital is 12%. Determine the present value of lease payment after tax