15. Vodacom SA has a dividend payout ratio of 70%. The personal tax rate on dividend income is 20%, and the personal tax rate on capital gains is 11%. TC= (Corporate tax rate) = 28%; and TP= Personal tax rate on interest income = 22%: Calculate the relative tax advantage of debt with personal and corporate taxes. a. 1.31 b. 1.28 c. 0.78 d. 0.60 e. 0.17