Which of the following indicates a firm is unlikely to benefit from more debt in its capital structure?

a. Its operating ROA is less than its borrowing rate.

b. Its weighted average cost of capital (WACC) is lower than R_E.

c. Its market-to-book ratio (MTB) is greater than one.

d. Its ROCE is greater than R_E.

e. None of the above indicate a firm is unlikely to benefit from more debt in its capital structure.