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Suppose Proctor? & Gamble? (P&G) is consideringpurchasing $12 million in new manufacturing equipment. If itpurchases the? equipment, it will depreciate it for tax purposes ona? straight-line basis over five? years, after which the equipmentwill be worthless. It will also be responsible for maintenanceexpenses of $1.00 million per? year, paid in each of years 1through 5. It can also lease the equipment under a true tax leasefor ?$3.3 million per year for the five? years, in which case thelessor will provide necessary maintenance. Assume? P&G's taxrate is 30% and its borrowing cost is 6.0%.a. What is the NPV associated withleasing the equipment versus financing it with the?lease-equivalent loan?b. What is the? break-even lease rate - that?is, what lease amount could? P&G pay each year and beindifferent between leasing and financing a? purchase?