22. In the modern finance theory, Modigliani and Miller overturned the traditional view of capital structure and made propositions based on a perfect market assuming that value of a firm is unaffected by the choice of capital structure. Which of the following is NOT part of their proposition? A. The total market value of any company is independent of its capital structure. B. The total market price of equity is independent of company value C. The expected rate of return on equity increases proportionally with the gearing ratio D. The cut off rate of return for new projects is equal to the Weighted Average Cost of Capital