13.18. Write the WACC formulas for equity cash yield, ye, and total equity return, l'e, shown in equations (3) and (5), respectively, using (L/E) instead of LTV or LR to measure financial leverage. Substitute out for either LTV or LR by writing them in terms of (L/E). Explain how these versions of the equations help one to understand the conditions for positive and negative leverage. 13.18. Write the WACC formulas for equity cash yield, ye, and total equity return, l'e, shown in equations (3) and (5), respectively, using (L/E) instead of LTV or LR to measure financial leverage. Substitute out for either LTV or LR by writing them in terms of (L/E). Explain how these versions of the equations help one to understand the conditions for positive and negative leverage