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Which one of these represents the difference between the value of a levered and an unlevered firm? R t c B t c B R

Which one of these represents the difference between the value of a levered and an unlevered firm?

R t_cB

t_cB

R₀ - R_S

V_{U +} R t_cB

B/S(1 - t_c)( R₀ - R_S)

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