Suppose that LilyMac Photography expects EBIT to be approximately $40,000 per year for the foreseeable future, and that it has 500 10-year, 5 percent annual coupon bonds outstanding. (Use Table 11.1) What would the appropriate tax rate be for use in the calculation of the debt component of LilyMac's WACC? Tax rate 15 % table 11.1 Corporate Tax Rates Taxable Income Tax Rate $o - 15% 25 50,001 75,001 100,001 34 $50,000 75,000 100,000 335.000 10,000,000 15,000,000 18,333,333 39 34 35 335,001 10,000,001 15,000,001 18,333,334 + 38 35