Arya Corporation is planning to repurchase part of its common stock by issuing corporate debt. As a result, the firm's debt$-$equity ratio is expected to rise from $35$ percent to $50$ percent. The firm currently has $$3\mathrm{.}1$ million worth of debt outstanding. The cost of this debt is $8$ percent per year. The firm expects to have an EBIT of $$1\mathrm{.}3$ million per year in perpetuity and pays no taxes.

a$.$ What is the market value of the firm before and after the repurchase announcement? $($Do not round intermediate calculations and enter your answers in dollars, not millions of dollars, rounded to the nearest whole dollar, e$.$g$.,1,234,567.)$

b$.$ What is the expected return on the firm's equity before the announcement of the stock repurchase plan? $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

c$.$ What is the expected return on the equity of an otherwise identical all$-$equity firm? $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

d$.$ What is the expected return on the firm's equity after the announcement of the stock repurchase plan? $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

$\backslash$table$[[,,,],[$a$.,$Market value before announcement,,$],[,$Market value after announcement,,$\%$