You work for a nuclear research laboratory that is contemplating leasing a diagnostic scanner (leasing is a very common practice with expensive, high-tech equipment). The scanner costs $6,500,000, and it would be depreciated straight-line to zero over four years. Because of radiation contamination, it actually will be completely valueless in four years. You can lease it for $1,910,000 per year for four years. Assume that the tax rate is 25 percent. You can borrow at 7 percent before taxes.

What is the NAL of the lease?