The Real Estate Development Division of Hilton Hotels may lease or buy a fleet of new cars for its real estate developers. These developers identify and process the purchase of land on which Hilton builds new hotels. The fleet could be purchased for $500, 000 and would have a 4-year useful life. If Hilton bought the cars with bank finance, the bank would lend 80% of the purchase price at a secured rate of 8.5% and 20% of the purchase price at an unsecured rate of 11%. The fleet would be depreciated for tax purposes on a straight-line basis over 4 years to a $0 terminal book value. Alternatively, Lease America Inc. has offered to lease all the cars for 4 years for an annual payment of $105, 000 paid at the end of each year (in arrears). There are no expense differences between leasing and buying (delta E = 0) and no investment tax credits available. Finally, regardless of whether Hilton or Lease America owns the vehicles, the fleet can be sold for a price of $150, 000 after taxes in 4 years. If the lessee's (Hilton's) marginal tax rate is 20% and the appropriate WACC is 12%, what is the net advantage to leasing (NAL)? If the lessor's (Lease America's) marginal tax rate is 40%, their appropriate WACC is 12%, and they can get 100% debt-financing at the secured rate of 8.5%, what is the net present value of leasing to the lessor (NPVL)? If the lessor's (Lease America's) marginal tax rate is instead 20%, their appropriate WACC is 12%, and they face the same 100% debt-finance borrowing rates as Hilton, (ie. all of these parameters are the same as Hilton's in part a.), what is the net present value of leasing to the lessor (NPVL)