d$.$ If Laiho increased its dividend payout ratio, what effect would this have on corporate taxes paid? What effect would this have on taxes paid by the

company's shareholders?

If Laiho increased its dividend payout ratio, the firm would pay

corporate taxes and the company's shareholders would pay

taxes on the dividends they would redeive.

e$.$ Assume that the firm's after$-$tax cost of capital is $11\mathrm{.}5\%.$ What is the firm's $2021$ EVA?