(CO B) Which of the following statements concerning MM extension with growth is not correct?

(CO B) Which of the following statements concerning MM extension with growth is not correct?

Tax shields should be discounted at the unlevered cost of debt

The value of a growing tax shield is > the value of a constant tax shield

For a given D/S, the levered cost of equity is > the levered cost of equity under MM's original (with tax) assumptions

For a given D/S, the WACC is < the WACC under MM's original (with tax) assumptions

The total value of the firm increases with the amount of debt