Champagne, Inc, had revenues of $12 million, cash operating expenses of $8 million, and depreciation and amortization of $1.5 million during 2020. The firm purchased $700,000 of equipment during the year while increasing its inventory by $500,000 (with no corresponding increase in current liabilities). The marginal tax rate for Champagne is 30 percent. Free cash flow: What is Champagne's NOPAT for 2020? $3,250,000 $4,000,000 $1,750,000 $2,500,000