Good Time Company is a regional chain department store. It will remain in business for

one more year. The probability of a boom year is $60$ percent and the probability of a

recession is $40$ percent. It is projected that the company will generate a total cash flow

of $$126$ million in a boom year and $$51$ million in a recession. The company's required

debt payment at the end of the year is $$75$ million. The market value of the company's

outstanding debt is $$58$ million. The company pays no taxes.

a$.$ What payoff do bondholders expect to receive in the event of a recession? $($Enter

your answer in dollars, not millions of dollars.$)$

b$.$ What is the promised return on the company's debt? $($Enter your answer as a percent

rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

c$.$ What is the expected return on the company's debt? $($Enter your answer as a percent

rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$