Carrot Druy Company has no debt, and a value of $60.000 million. Ailing Pharmaceuticals Cornpany is otherwise identical but has $24.000 million of debt in its capital structure. Under the different models, what is the value of Alling Pharmaceuticals Compary if its corporate tax rate is 30%, the personal tax rate on equity is 10\%, and the personal tax mte on debt is 2898? (Note: Do not round intermediate calculations.) Consider the following information: Adding personal taxes to the model lowers, but does not eliminate, the benefit from corporate debt. In the United States, taxes on capital gains are lower than on ordinary income and can be deferred. The effective rate on stock income is normally less than that on bond income, and althouoh the personal tax on debt will lower the gain from corporate debt, it is not usually enough to efiminate it: Therefore, there is still a gain from leverage using Miller's model, as well as the MM model with corporate tax. Is the preceding information correct? Yes: No