WH ltd. is an all-equity firm with the market value of $700 million. The company is considering changing its capital structure by replacing part of its equity with $300 million perpetual debt. The interest rate is 6% and the tax rate of the company is 34%. a) Calculate the annual tax saving of the company if it decides to change its capital structure. What is the value of the company after the change? Click here to enter text. (1 mark) b) If the company decides to only borrow $300 million for 3 years, calculate the present value of the tax shield for the company. What is the value of the company now? (1 mark) Click here to enter text. c) In order to maximise the amount of tax saving from debt, the company is considering increasing the level of debt. Given that the company has an EBIT of $60m, what is the maximum amount of annual tax saving?.. (1 mark) Click here to enter text. d) Under high probability of bankruptcy, managers, acting in the best interest of shareholders might commit some opportunistic behaviours, one of which is milking the property. In your own words, explain what it is and why this occurs. Click here to enter text. (2 marks)