Look again at the backhoe-loader lease described in Table 17.1. Consider each question separately.

a. What is the value of the lease if Greenfield's tax rate is 20%?
b. What would the lease value be if Greenfield's first CCA deduction was taken at the end of year 1? Use the formula approach to calculate the value of leasing.
c. What would the lease value be if Greenfield had many other assets in the equipment asset pool? In this case, the equipment asset pool would not be closed.