Wilson Inc. has decided to open a new store in the oxford area. The company is trying to decide whether to purchase or lease the building. The company can purchase the building for $1, 850,000. An immediate down payment of $400,000 would be required and the remaining balance will be paid at the end of each year for the next FIVE (5) years at $290,000 per year. The property is expected to have a useful life of 12 years and then it will be sold for $500,000. As owner of the property, Wilson will incur the following property taxes insurance, and maintenance fees associated with the building of $83,000 each year to be paid at the end of each year for 12 years. If Wilson decides to lease the building it will incur an annual lease payment of $270,000 due at the beginning of each year for 12 years. In addition a deposit of $100,000 will be required at the inception of the lease. Wilson will receive back the $100,000 at the end of the lease if the property is undamaged. Wilson borrows money at a rate of 10%. Should Wilson purchase or lease the property? (Show calculations to support your answer.)