While using excel and explaining in details, approximate the WACC for Alphabet Inc. Clearly outline and present all the inputs and assumptions used in estimating the WACC regarding tax rate, cost of equity, cost of debt, beta (unlevered/levered), capital structure... How sensitive is your WACC estimate to potential tax changes or reforms? Present and explain this by showing how WACC would change if: 1 tax reforms make tax avoidance more difficult, leading to the company having to pay the marginal tax rate in full (setting effective tax rate = marginal tax rate); (2) The Biden administration increases the marginal tax rate back to 35%; (3) Both one and two