Calculate the firm's marginal tax, accounting homework help

Fine the annual report for some publicly listed high tech company that has losses. Refer to the tax footnote in the report to extract the NOL carryforward. Assume an after-tax discount rate of 10%Calculate the firm's marginal explicit tax rate using the Manzon (1994) market-value approach. Discuss and explain your result.Under the Manzon (1994) approach, first calculate expected annual taxable income: TI-MVE*r, where MVE is the market value of equity of the firm and r is the after-tax discount rate.Next calculate s-NOL/TIThen calculate mtr =str(subtext s)/(l+r) to the s powerUse the collaboration forum for help with this formula.Discuss and explain