20. TSC co. has a machine which costs $281,128 and it would be depreciated using the straightline method by a leasing firm over a period of 3 years. Both the book value and the market value would be zero at the end of the 3 years. Both the lessor and the lessee have a tax rate of 21 percent. What is the NPV of the lease relative to the purchase to the lessor if the applicable pretax cost of borrowing is 7 percent and the lease payments are set at $102,000 annually for 3 years?
(A)-$1,0787
(B)-$9,660
(C)$427
(D)$885
(E) $41
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