Volt Electronics Company is considering leasing one of its products in addition to selling it…

Volt
Electronics Company is considering leasing one of its products in addition to
selling it outright to customers. The product, the Volt Tester, sells for
$18,600 and has an economic life of eight years.

a. To earn
12 percent interest, what annual lease payment must Volt require as lessor?
(Assume that lease payments are payable in advance.)

b. If the
product has a salvage value (known with relative certainty) of $4,000 at the
end of eight years, what annual lease payment will be required?

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