Your firm is considering leasing a new barge. The lease lasts for 9 years. The lease calls for 10 payments of $10,000 per year with the first payment occurring immediately. The barge would cost $76,590 to buy and would be straight-line depreciated to a zero salvage over 9 years. The actual salvage value is negligible because of wear and tear and transportation costs offsetting the scrap value. The firm can borrow at a rate of 8%. The corporate tax rate is 30%.

What is the NPV of a purchase?