Charles Carmichael Industries (CCI) is a large telecommunications firm. It is expected to generate an EBIT of $50 million per year in perpetuity and to pay out 100% of its after-tax cash flows as dividends. CCIs expected cost of capital, as an unlevered firm, is 10%. The expected cost of any debt CCI issues is 5%. What are the market value of CCI, the market value of CCIs debt, and the market value of CCIs equity under the following scenarios? (In each part, please assume that the appropriate versions of Modigliani and Millers Proposition 1 and 2 hold.) (a) CCI remains unlevered and the corporate tax rate equals 0%. (b) CCI raises $100 million in debt and buys back $100 million in common stock and the corporate tax rate equals 0%. (c) CCI remains unlevered but the corporate tax rate equals 40%. (d) CCI raises $100 million in debt and buys back $100 million in common stock and the corporate tax rate equals 40%. (e) When CCI was unlevered, it had 300 million shares outstanding. How did CCIs market value of equity per share change between parts (c) and (d)?