Deleon owns assets that have a 75% chance of being worth $50M in a year and a 25% chance of being worth $30M in a year. The risk-free rate is 4% and Deleon has a cost of capital of 10%. If Deleon is unlevered, what is the value of equity?

 Suppose Deleon has debt with face value of $20M due in 1 year (the CF(D) in 1 year is $20M). 

What is the value of Deleon's equity in this case? What is the expected return on Deleon's equity in the unlevered case? 

In the levered case? What is the lowest possible return on Deleon's equity in the unlevered case? In the levered case?