You own a cab company and are evaluating two options to replaceyour fleet. Either you can take out a? five-year lease on thereplacement cabs for $ 495$495 per month per? cab, or you canpurchase the cabs outright for $ 31 comma 600$31,600?, in whichcase the cabs will last eight years. You must return the cabs tothe leasing company at the end of the lease. The leasing company isresponsible for all maintenance? costs, but if you purchase the?cabs, you will buy a maintenance contract that will cost $ 108$108per month for the life of each cab. Each cab will generate revenuesof $ 1 comma 000$1,000 per month. Assume the cost of capital isfixed at 12.7 %12.7%. ?(?Hint: Make sure to round all intermediatecalculations to at least four decimal places.?) ? a. Calculate theNPV per cab of both? possibilities: purchasing the cabs or leasingthem. b. Calculate the equivalent monthly benefit of bothopportunities. c. If you are leasing a? cab, you have theopportunity to buy the used cab after five years. Assume that infive years a? five-year-old cab will cost either $ 11 comma000$11,000 or $ 15 comma 500$15,500?, with equal? likelihood; willhave maintenance costs of $ 498$498 per? month; and will last threemore years. Which option should you? take?