For a U.S. corporation with income above $20 million, (Points : 1) the average tax rate is less than the marginal tax rate. the average tax rate is equal to the marginal tax rate. the average tax rate is less than the marginal tax rate. none of the above. 2. When to harvest an asset: Farmer Ag owns a special species of cotton-producing plant that, if left unharvested, grows a bigger bowl of cotton through time. The NPV, at the beginning of the year that harvesting takes place, is as follows. When should Farmer Ag harvest its cotton? Assume a discount rate of 14 percent. NPV1 = $50,000 NPV2 = $60,000 NPV3 = $69,000 NPV4 = $77,280 NPV5 = $85,008 (Points : 1) Harvest now Harvest in year 1 Harvest in year 2 Harvest in year 3 3. Champagne, Inc., had revenues of $12 million, cash operating expenses of $8 million, and depreciation and amortization of $1.5 million during 2008. 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