Calculate Effective Tax Advantage of debt. If marginal personal tax rate on income from equity - 26%, corporate tax rate - 20% and marginal personal tax rate on income from debt - 15% O 31.5% 30.4% O 23,1% O 26.7% 2 pts Question 12 Rehau AG is facing increased competition and wants to borrow EUR 22 million in cash to protect against future revenue shortfalls. Currently, long-term BBB rates are 11.63%. Rehau can borrow at 12.23% given its credit rating. The company is expecting interest rates to fall over the next few years, so it would prefer to borrow at short-term rates and refinance after rates drop. However, Rehau's management is afraid that its credit rating may deteriorate as competition intensifies, which may greatly increase the spread the firm must pay on a new loan. How can Rehau benefit from declining interest rates without worrying about changes in its credit rating? it -0.6% rt+0.86% Ot+0.7% Ort+0.6% MacBook Air BAR