address parts A and B please

Marpor Industries has no debt and expects to generate free cash flows of $16 million each year. Marpor believes that if it permanently increases its level of debt to $21.77 million, the risk of financial distress may cause it to lose some customers and recelve less favourable terms from its suppliers. As a result, Marpor's expected free cash flows with debt will be only 515 million per year. Suppose Marpor's tax rate is 25%, the risk-free rate is 4%, the expected return of the market is 16%, and the beta of Marpor's free cash flows is 1.3 (with or without leverage). a. Estimate Marpor's value without leverage. b. Estimate Marpor's value with the new loverage