Adelphi Industries owns assets that will have a n) 90% probability of having a market value of $46 million in one year. There is a 10% chance that the assets will be worth only $16 million. The current risk-free rate is 8%, and Adelphi's assets have a cost of capital of 16%. a. If Adelphi is unlevered, what is the current market value of its equity? b. Suppose instead that Adelphi has debt with a face value of $13 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 Adelphi's equity without leverage? What is the expected return of Adelphis equity with leverage? d. What is the lowest possible realised return of Adelphis equity with and without leverage