Question 20 Not yet answered Marked out of 3.125 Remove flag John has estimated the required return for Apple Ltd at each level of debt. If the value of shares can be determined as the expected EPS = required return, then estimate the optimal debt ratio, and justify your answer. Debt ratio Net profit after tax Number of shares outstanding Required return 0% $45,000 160,000 10% 15 $43,000 112,000 10.3% 30 $37,000 90,000 11.4% 45 $33,000 80,000 13% 60 $20,000 64,000 18% Select one: O a. 60%, because EPS is maximised. O b. 30%, because the share price is maximised. O c.0%, because the share price is maximised. O d. 45%, because EPS is maximised. O e. 15%, because the share price is maximised