3) (10 points) You are employed by a private timber company and asked to determine if this is the year to harvest a particular stand of hardwood in the company's forest. You have estimates for the marginal benefit of waiting and the marginal cost of waiting for the next 5 years. Assume that you can accurately make a decision abou the profitability of harvesting today based on the costs/benefits given below. a. Find the present value of the marginal costs of waiting using a 5% discount rate. b. Find the present value of the marginal benefits of waiting using a 5% discount rate. c. Based on the rules of optima/efficient harvest, do you recommend that the company harvests the stand today? Why or why not? Year 1 (today) Year 2 (t=1) Year 3 (t=2) Year 4 (t=3) Year 5 (1=4) (t=0) Marginal Cost 500 20 20 20 20 of Waiting Marginal 50 100 150 200 225 Benefit of Waiting