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Goldmund AG has an unlevered cost of capital is 12% and expects unlevered free cash flow of $7 million each year. The firm also has

Goldmund AG has an unlevered cost of capital is 12% and expects unlevered free cash flow of $7 million each year. The firm also has outstanding debt of $17.5 million and expects to maintain this level of debt permanently. Goldmund's corporate tax rate is 30%.

a) What is the value of Goldmund without leverage?

b) What is the present value of Goldmund's tax shield?

c) What is the value of Goldmund with leverage?

it is ok to write down on paper and send me the picture

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