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You work for a nuclear research laboratory that is contemplating leasing a diagnostic scanner ( leasing is a common practice with expensive, high - tech

You work for a nuclear research laboratory that is contemplating leasing a diagnostic scanner (leasing is a common practice with expensive, high-tech equipment). The scanner costs $4.3 million 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 $1.275 million per year for four years.
Assume that your company does not contemplate 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 enter your answer in dollars, not millions of dollars, rounded to 2 decimal places, e.g.,1,234,567.89.)

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