Suppose that National Waferonics has before it a proposal for a four$-$year financial lease.

These flows reflect the cost of the machine, depreciation tax shields, and the after$-$tax lease payments. Ignore salvage value. Assume

the firm could borrow at $12\%$ and faces a $21\%$ marginal tax rate.

a$.$ What is the value of the equivalent loan?

Note: A negative answer should be indicated by a minus sign.

b$.$ What is the value of the lease?

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

$c-1.$ Suppose the machine's NPV under normal financing is $-$$$4,600.$ Should National Waferonics invest?

$c-2.$ Should it sign the lease?

a$.$ Value of the equivalent loan

b$.$ Value of the lease

c$-1.$ Should National Waferonics invest?

c$-2.$ Should it sign the lease?