$3.$ Which of the following is NOT one of Modigliani and Miller's $($M$\backslash \backslash$&M$\text{'}$s$)$ perfect capital market assumptions? A$)$ Bankruptcy costs are reasonably low. B$)$ No taxes. C$)$ Investors can borrow or lend at the same rate as firms. D$)$ Every party has equal access to information.