$1.$ A firm has equity with market value $$100$ million and debt with market value at $$70$ million. The debt pays perpetual expected coupons of $$3\mathrm{.}5$ million annually.

The above numbers are prior to a stock buyback being announced.

The firm uses some of its cash buyback stock on of $$20$ million. As a result of the fall in its cash, the expected coupon payment to debt reduce to $$3\mathrm{.}4$ million $($expected payments is the probability weighted future coupons, and the probability that in some future states of the world the firm would default has increased due to the the stock buyback$).$ Also the rate of discount Rd for expected coupons paid to debt rises to $5\mathrm{.}20\%.$

Assume Modigliani$-$Miller is true $($which also means there are no taxes$).$

What will be the value of Equity after the stock buyback? $($Do not include the $$20$ million that is paid to the Equity holders.$)$

Please write the answer in millions rounded to the whole number.

$2.$ Suppose we live in a world in which Modgliani Miller is true, that is no information or tax issues and capital structure is irrelevant.

A firm currently has $1,000$ shares outstanding, each with a price of $$14\mathrm{.}45.$

The firm announces that it will pay a dividend of $$1\mathrm{.}26$ per share. What will be the price of a share ex$-$dividend $($that is after dividend has been paid$)?$

Round the answer to two decimals.