3. Marpor plans on permanently increasing its level of debt to $40 million. As a result, Marpor's expected after-tax free cash flows with debt will be $15 million per year. Suppose Marpor's tax rate is 21%, the risk-free rate is 5%, the expected return of the market is 15%, and the beta of Marpor's free cash flows is 1.10 (with or without leverage). Estimate Marpor's value with this amount of leverage. a. 102.15 million b. 115.15 million c. 118.53 million d. 107.56 million e. 109.50 million