Eden has estimated the required return for JEBO Ltd at each level of debt. If the value of shares can be determined as the expected EPS/required return, then estimate the optimal debt ratio, and justify your answer. Debt ratio NPAT Shares outstanding Required return 0% $56,800 20,000 10% 15 $51,120 16,000 11% 30 $46,476 14,000 12% 45 $40,896 12,000 15% 60 $34,080 10,000 19%