b. To calculate the value of an unlevered firm,

v_(u)

, use the following formula\

V_(u)=(NOP\\\\times (1-T_(c))\\\\times (1-T_(ps)))/(r_(U))-PV (Bankruptcy costs)

\ where NOP is the net operating profit,

T_(c)

is the tax rate on corporate profits,

T_(ps)

is the personal tax rate on income from stock, and

r_(U)

is the required return on an unlevered firm's equity.\ The net operating profit, NOP, that Woods expects to earn annually is

$

\ (Type a whole number.)

b. To calculate the value of an unlevered firm, vu, use the following formula Vu=rUNOP(1Tc)(1Tps)PV(Bankruptcycosts) where NOP is the net operating profit, Tc is the tax rate on corporate profits, Tps is the personal tax rate on income from stock, and rU is the required return on an unlevered firm's equity. The net operating profit, NOP, that Woods expects to earn annually is $ (Type a whole number.)