PMF, Inc., can deduct interest expenses next year up to 30% of EBIT. This limit is equally likely to be $14 million, 519 million, or $24 million. Its corporate tax rate is 35%, and investors pay a 15% tax rate on income from equity and a 40% tax rate on interest income. a. What is the effective tax advantage of debt if PMF has interest expenses of $11 million this coming year? b. What is the effective tax advantage of debt for interest expenses in excess of $24 million? (Ignore carryforwards). c. What is the expected effective tax advantage of debt for interest expenses between $14 million and $19 million? (Ignore carryforwards). d. What level of interest expense provides PMF with the greatest tax benefit? . a. What is the effective tax advantage of debt if PMF has interest expenses of $11 million this coming year? If PMF has interest expenses of $11 million this coming year, the effective tax advantage is %. (Round to one decimal place.) b. What is the effective tax advantage of debt for interest expenses in excess of $24 million? (Ignore carryforwards). For interest expenses in excess of $24 million, the effective tax advantage is %. (Round to one decimal place.) c. What is the expected effective tax advantage of debt for interest expenses between $14 million and $19 million? (Ignore carryforwards). The expected effective tax advantage of debt for interest expenses between $14 million and $19 million is %. (Round to one decimal place.) d. What level of interest expense provides PMF with the greatest tax benefit? (Select the best choice below.) O A. Up to $14 million OB. $14 million O C. Between $14 million and S19 million OD. $24 million and over O E. The interest expense does not matter because the tax benefit is always the same