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Qantas Airlines has $103 million of perpetual debt outstanding with a cost of 9%. So far, Qantas's tax rate has been 30%. Recently the tax

Qantas Airlines has $103 million of perpetual debt outstanding with a cost of 9%. So far, Qantas's tax rate has been 30%. Recently the tax rate has been revised and the new tax rate is 35%. What will be the likely immediate value change of Qantas?

a. -$5.15 million

b. $36.05 million

c. $57.22 million

d. $5.15 million

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