EuroFiction is considering to launch a $1-$year new project: a TV show which will produce a cash flow of either of $45$

million if it succeeds $($more than $20$ TV companies purchase it $),$ and only $15$ million if it fails $($less than $20$ TV companies

purchase it$).$ Suppose the risk$-$free rate is $3\%,$ and success probability is $50\%.$ Another choice for EuroFicition is to

borrow $20$ million. For simplicity, suppose that the project has a beta of $0$ and the cost of capital is the risk$-$free rate. As

MM Irrelevance Proposition holds, you should choose the option with the values, at the beginning of the year, of the

project and of the debt in the case of the levered project.

a$.30\mathrm{.}0$ and $19\mathrm{.}4$ million

b$.30\mathrm{.}0$ and $9\mathrm{.}7$ million

c$.29\mathrm{.}1$ and $19\mathrm{.}4$ million

d$.29\mathrm{.}1$ and $9\mathrm{.}7$ million

Please help me with this questions, explain each step. Thanks in advance$)))$