Which of the following is NOT a reason the effective cost of debt is lower than the cost of equity?

Group of answer choices

Debt holders don't have a say in how the company is run

Debt holders have a legally enforceable contract with a explicit repayment schedule

If the firm enters bankruptcy, the debt holders are more likely to recover $($at least some of$)$ their investment

Interest on debt is tax deductible

None of the Above