Witten Entertainment is considering buying a machine that costs$551,000. The machine will be depreciated over five years by thestraight-line method and will be worthless at that time. Thecompany can lease the machine with year-end payments of $146,000.The company can issue bonds at an interest rate of 8 percent. Thecorporate tax rate is 21 percent. What is the NAL of the lease? (Anegative answer should be indicated by a minus sign. Do not roundintermediate calculations and round your answer to 2 decimalplaces, e.g., 32.16.)
