Suppose the corporate tax rate is 40%. Consider a firm that eams $1,500 before inferest and taxes each year with no risk. The frm's capital expenditures equal its depreciation expenses each year (assumed equal to CCA), and it will have no changes to its net working capital. The risk-free interest rate is 6%. a. Suppose the firm has no debt, and pays out its net income as a dividend each year. What is the value of the firm's equity? b. Suppose insteod the firm makes interest payments of $500 per year. What is the value of equity? What is the vacue of debr? c. What is the difterence between the total value of the firm with lovorage and without leverage? d. Tho dillerence in (c) is equal to what percentage of the value of the debt? a. Suppose the firm has no debt, and pays out its net income as a dividend each year. What is the value of the fim's equaly? If the firm has no debt, and pays out its net income as a dividend each yoar, the value of the firm's equity is I (Round to the nearest doliar.)