b. You own all the equity of Glory Ltd. The company has no debt. The company's annual cash flow is GH900,000 before interest and taxes. The company tax rate is 35%. You have the option to exchange 1/2 of your equity position for 5% bonds with a face value of GH2,000,000. Required: i. What is the value of the unlevered firm? ii. What is the value of the levered firm? iii. Assuming a bankruptcy cost of GH8000, what is the value of the levered firm after considering bankruptcy cost? (7 marks) c. Why do bonds with long maturities fluctuate more in price than do bonds with short maturities, given the same change in yield to maturity