PMF, Inc. is equally likely to have EBIT this coming year of $3 million, $13 million, or $23 million. Its corporate tax rate is 38%, and investors pay a 20% tax rate on income from equity and a 32% tax rate on interest income. a. What is the effective tax advantage of debt if PMF has interest expenses of $22 million this coming year? b. What is the effective tax advantage of debt for interest expenses in excess of $23 million? (Ignore carryforwards). c. What is the expected effective tax advantage of debt for interest expenses between $3 million and $13 million? (Ignore carryforwards). d. What level of interest expense provides PMF with the greatest tax benefit?