Suppose Pharma Co is considering purchasing $20 million in new manufacturing equipment. If it purchases the equipment, it will depreciate it on a straight-line basis over the five years, after which the equipment will be worthless. It will also be responsible for maintenance expenses of $2.0 million per year. Alternatively, it can lease the equipment for $3.0 million per year for the five years, in which case the lessor will provide necessary maintenance. Assume Pharma Cos tax rate is 35% and its borrowing cost is 9%. What is the NPV associated with leasing the equipment versus financing it with a loan and which is the preferred option in this case?(Please write it out completely in formulas, not diagrams)