Quartz Corporation is a relatively new firm. Quartz has experienced enough losses during its early years to provide it with at least eight years of tax loss carryforwards, so Quartzs effective tax rate is zero. Quartz plans to lease equipment from New Leasing Company. The term of the lease is five years. The purchase cost of the equipment is $680,000. New Leasing Company is in the 23 percent tax bracket. Each firm can borrow at 9 percent. a) What is Quartzs reservation price (i.e., maximum acceptable payment)?