Your company has to obtain some new production equipment to be used for the next six years, and leasing is being considered. You have been directed to perform an after-tax study of the leasing approach. The data information for the study is as follows: Lease cost: First year, $80,000; second year, $60,000; third through sixth years, $50,000 per year. Assume that a 6-year contract has been offered by the lessor that fixes these costs over the 6-year period. Other costs (outside the contract) are $4,000 per year. The effective income tax rate is 40%. Develop the Annual After-tax Cash Flow (ATCF's) for the leasing alternative. If the Minimum Attractive Rate of Return (MARR) after taxes is 8%, what is the equivalent annual cost for the leasing alternative