Answer by Lisa Crescimano Treasurer
We signed a laptop lease with Apple on February 9, 2012 for $1,479,280
In this lease there was $200,000 in computer expenses for the elementary buildings which left a net lease amount for the one-to-one laptop initiative at approximately $1,279,000
We received $363,000 for the trade in of the old laptops, leaving about $916,000 for the actual net cost of the new laptop lease
We intend on keeping the laptops for 4 years instead of 3.
If I calculate $916,000 by 4 years, the annual hardware cost is $229,000