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after completing its capital spending for the year, carlsonmanufacturing has $1,800 extra cash. carlson's manager must choosebetween investing the cash in treasury bonds that yield 3 percentor paying the cash out to investors who would invest in the bondsthemselves. a. if the corporate tax rate is 23 percent, whatpersonal tax rate would make the investors equally to receive thedividend or to let carlson invest the money? b. id the answer to(a) reasonable? c. suppose the only investment choice is apreferred stock that yields 6 percent. the corporate dividendexclusion of 50 percent applies. what personal tax rate will makethe stockholders indifferent to the outcome of carlson's dividenddecision? d. is this a compelling argument for a lowdividend-payout ratio?