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 $$185$ million in a boom year and $$76$ million in a recession. The company's required debt payment at the end of the year is $$110$ million. The market value of the company's outstanding debt is $$83$ million. The company pays no taxes.

a$.$ What payoff do bondholders expect to receive in the event of arecession?

b$.$ What is the promised return on the company's debt?

c$.$ What is the expected return on the company's debt?