6. After completing its capital spending for the year, Carlson Manufacturing has $1,000 extra cash. Carlsons managers must choose between investing the cash in Treasury bonds for one year that yield 8 percent or paying the cash out to investors who would invest in the same bonds themselves for one year. If the firm retains the extra cash for the bond investment, the extra cash and interest income will be paid out as dividend a year later. Assume that corporate tax rate = 40%. a. If the corporate tax rate is 40 percent, what personal tax rate would make the investors equally willing to receive the dividend or to let Carlson invest the money? b. Suppose the only investment choice is preferred stock that also yields 8 percent. The corporate dividend exclusion of 70 percent applies. What personal tax rate will make the stockholders indifferent to the outcome of Carlsons dividend decision?