Michaels is a levered firm with $55,000 of debt. Michaels pays tax at the rate of 30%. The firm faces EBIT scenarios of recession, normal, and boom. {Note: EBIT = earnings before interest and tax, $ Interest = dollar amount of interest owed on the debt, NIBT = net income before tax, NI = net income (also referred to as net earnings), EPS = earnings per share}. Assume that firms with zero or negative NIBT pay zero in tax. EBIT $ interest NIBI Taxes NL EPS Boom $9000 4400 Normal 1137 Recession $6000 $3000 -6.00 What amount comes closest to Michaels EPS in the NORMAL scenario? Select one: o a. $0.00 O b. $0.99 c. $1.31 d. $1.75 o e. $1.99 Michaels is a levered firm with $55,000 of debt. Michaels pays tax at the rate of 30%. The firm faces EBIT scenarios of recession, normal, and boom. {Note: EBIT = earnings before interest and tax, $ Interest = dollar amount of interest owed on the debt, NIBT = net income before tax, NI = net income (also referred to as net earnings), EPS = earnings per share}. Assume that firms with zero or negative NIBT pay zero in tax. EBIT $ interest NIBI Taxes NL EPS Boom $9000 4400 Normal 1137 Recession $6000 $3000 -6.00 What amount comes closest to Michaels EPS in the NORMAL scenario? Select one: o a. $0.00 O b. $0.99 c. $1.31 d. $1.75 o e. $1.99