You work for a nuclear research laboratory that is contemplating leasing a diagnostic scanner (leasing is common practice with expensive, high-tech equipment). The scanner costs $5,100,000 and would be depreciated straight-line to zero over four years. Because of radiation contamination, it will actually be completely valueless in four years. You can lease it for $1,450,000 per year for four years. Assume a 22 percent tax bracket. You can borrow at 6 percent before taxes.

What is the NAL of the lease from the lessors viewpoint?