Acort Industries owns assets that will have a(n) 80% probability of having a market value of 51 million one year from now. There is a 20% chance that the assets will be worth only 21 million. The current risk-free rate is 9, and Acort's assets have a cost of capital of 18%. a. If Acort is unlevered, what is the current market value of its equity? b. Suppose instead that Acort has debt with a face value of 14 million due in one year. According to MM, what is the value of Acort's equity in this case? c. What is the expected return of Acort's equity without leverage? What is the expected return of Acort's equity with leverage? d. What is the lowest possible realized return of Acort's equity with and without leverage