The following data are for Alphabet, Inc. (GOOGL) for 2020-2021:

Cost of Debt(PreTax)=2.27%

Cost of Equity=4.24%

Weight of Debt= 3.95%

Weight of Equity= 96.05%

Effective Tax Rate = 16.2%

WACC = 4.15%

How sensitive is the WACC estimate to potential tax changes or reforms? Illustrate this by showing how WACC would change if: (1) tax reforms make tax avoidance more difficult, leading to the company having to pay the marginal tax rate in full (ie: setting effective tax rate = marginal tax rate); (2) The Biden administration increases the marginal tax rate back to 35%; (3) Both (1) and (2)