In a world with taxes, M&M's second proposition defines the expected return on equity as:
A) Ke = Ku + (Ku - Kd) (1 - t) ( )
B) Ke = Ku + (Ku + Kd) (1 - t) ( )
C) Ke = Ku + (Ku - Kd) (1 + t) ( )
D) Ke = Ku - (Ku - Kd) (1 - t) ( )
A
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