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18) Assume that the corporate tax rate is 21%, the personal tax rate on income from equity is 15% and the personal rate on interest

18) Assume that the corporate tax rate is 21%, the personal tax rate on income from equity is 15% and the personal rate on interest income is 36%. The effective tax advantage of a corporation issuing debt would be closest to: A) -4.9%. B) 15.0%. C) 25.0%. D) 28.0%

Then answer is C. Need to know the calculation. no excel please

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