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1.Suppose that LilyMac Photography expects EBIT to be approximately $96,000 per year for the foreseeable future, and that it has 400 10-year, 4 percent annual

1.Suppose that LilyMac Photography expects EBIT to be approximately $96,000 per year for the foreseeable future, and that it has 400 10-year, 4 percent annual coupon bonds outstanding. (Use Table 11.1)

What would the appropriate tax rate be for use in the calculation of the debt component of LilyMac

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