4. Consider two firms that are identical in every aspect except: Company NL: no financial leverage Company L: 50,000 of 10% debt Market value of debt equals its par value Require rate of return equity: for company NL is 15%; for company L is 25% NOI is 15,000 for both company 1). Please find total value of each company. 2). suppose you own 1% of NL, how much arbitrage profit can you earn? 3). Show the cash flow before and after the arbitrage Before the arbitrage