A major contribution of the Miller model is that it demonstrates, other things held constant, that:

a) personal taxes increase the value of using corporate debt.

b) personal taxes lower the value of using corporate debt.

c) personal taxes have no effect on the value of using corporate debt.

d) financial distress and agency costs reduce the value of using corporate debt.

e) debt costs increase with financial leverage

Pl elaborate in at least 100 words. Thank you