M&M Theory on Capital Structure has three stages in its development which assumes 1) no taxes, 2) only corporate taxes are allowed, and 3) both personal and corporate taxes are allowed (Millers model). Assume Tc = corporate tax rate, Td = personal tax rate on debt income, Ts = personal tax rate on stock income. If Tc= 45%, Td = 25%, and Ts = 15%, what is the value of a Levered Firm vs. the value of Unlevered Firm based on Millers model? What does it indicate to the manager with regard to financial leverage