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Until recently Google had no debt, but paid a lot of taxes. Assume that Google can borrow at 7% and their corporate tax rate is

Until recently Google had no debt, but paid a lot of taxes. Assume that Google can borrow at 7% and their corporate tax rate is 35% and assume that investors' tax rate is 15% on capital gains and 25% on interest income. What is the effective tax advantage of debt? (round to the nearest percentage)

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