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please solve this problem without using Excel and show all steps 8. For the XYZ Company, the corporate tax rate is 21%. The probability of
please solve this problem without using Excel and show all steps 
8. For the XYZ Company, the corporate tax rate is 21%. The probability of financial distress for various levels of permanent debt are Debt in millions 80 100 120 140 160 Probability of financial distress 2% 4% 10% 20% 60% The cost of financial distress is 25 million Determine the optimal level of permanent debt
please solve this problem without using Excel and show all steps
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Managerial Economics Theory Applications and Cases
Authors: Bruce Allen, Keith Weigelt, Neil A. Doherty, Edwin Mansfield
8th edition
978-0393124491, 393124495, 978-0039391277, 393912779, 978-0393912777
