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Suppose that Lily Mac Photography expects EBIT to be approximately $40,000 per year for the foreseeable future, and that it has 500 10-year, 5 percent annual coupon bonds outstanding. (Use Table 11.1) What would the appropriate tax rate be for use in the calculation of the debt component of LilyMac's WACC? Tax rate table 11.1 Corporate Tax Rates Taxable Income Tax Rate $0 15% 25 50,001 34 $50,000 75,000 100,000 335,000 10,000,000 15,000,000 18,333.333 39 75,001 100,001 335,001 10,000,001 15,000,001 - 18,333,334 + 34 00 WWW