Consider an all-equity firm with net operating income NOI = 1000, average cost of capital 10%, cost of risk-free debt 6%, and corporate tax rate 40%. (a) What is the value of the firm? (b) What is the present value of the expected tax revenues for the Government? (c) The firm borrows 5000 at the risk-free rate of 6% and repurchases equity. What is the value of the firm after the leveraged buy-out? (d) What is the present value of the expected tax revenues after the leveraged buy-out? (e) What is the present value of the tax shield?