Your company has to obtain some new production equipment to be used for the next ten years, and leasing is being considered, only required during peak production (approx 180 days per year). You have been directed to perform an after-tax study of the leasing approach. The data information for the study is as follows: Lease cost: First year, $180,000; second & third year, $112,000; fourth $90,000 and fifth through to ten years is $75,000 per year. Assume that this contract has been offered by the lessor that fixes these costs over the 9-year period. Other costs (outside the contract) are $2,7800 per year. The effective income tax rate is 21%. 1-Develop the Annual After-tax Cash Flow (ATCF’s) for the leasing alternative.2-If the Minimum Attractive Rate of Return (MARR) after taxes is 8%, what is the equivalent annual cost for the leasing alternative?3-If the same machine can be purchased for $150,000 + 21% Tax - 18% Depreciation + MARR with Nil after life, which would you recommend at the end?