\#12. (4 points) The following figure depicts the value of a firm. This firm is the buyer of credit default swaps (CDS). Today, the firm value is $100 and the firm has a debt obligation of $X. The firm has a project now. If the firm succeeds in the project, the firm value goes up to $140 after 1 year. If the firm fails in the project, the firm value goes down to $60. If the firm does not go bankrupt, we assume that the "empty creditor problem" does not happen. Choose every appropriate debt value (so there could be more than 2 answers) that makes the debtholders of firm "empty creditors." Assume that the bankruptcy cost is \$20. \#12. (4 points) The following figure depicts the value of a firm. This firm is the buyer of credit default swaps (CDS). Today, the firm value is $100 and the firm has a debt obligation of $X. The firm has a project now. If the firm succeeds in the project, the firm value goes up to $140 after 1 year. If the firm fails in the project, the firm value goes down to $60. If the firm does not go bankrupt, we assume that the "empty creditor problem" does not happen. Choose every appropriate debt value (so there could be more than 2 answers) that makes the debtholders of firm "empty creditors." Assume that the bankruptcy cost is \$20