to leasing) Carrion Luggage, Ltd. is considering leasing $50 million worth t advantage of warehousing equipment under a lease that would require annual lease payments in rcars for five years. The net cash flows to the lessee over the term of the lease (with zero residual value) are given here. Carrion's cost of secured debt is 11%, and its cost of capital is 14%. Carrion pays taxes at a 40% marginal rate. Calculate the net advantage to leasing. b. Calculate the IRR for the lease. c. Should Carrion lease, or borrow and buy Year Net cash flow (millions) 50 15 -15 -15 -15 15