All of the below provide a valid reason for why the cost of debt is lower than the cost of equity, EXCEPT: Select one: a. In the case of bankruptcy, debtholder claims are satisfied prior to those of the shareholders b. There is typically a variety of bonds issued by a corporation, with different maturities and features, all resulting in a different interest rate. c. Using debt leads to a tax saving, while using equity does not. d. The cash flows expected by the debtholders are less uncertain than the cash flows expected by the shareholders