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 $4,800,000, and it would be depreciated straight-line to zero over five years. Because of radiation contamination, it actually willbe completely valueless in five years. You can lease it for $1,190,000 per year for five years.

Assume that your company does not anticipate paying taxes for the next several years. You can borrow at 8 percent before taxes. What is the NAL of the lease?(Do not round intermediate calculations and round your answer to 2 decimal places,e.g., 32.16.)