is due to reimburse D when the outcome of the project realizes, where D is senior to any claim that the borrower might issue. Assume: K+pHD > 0. \"Initial\" investors have no cash, hence the project must be nanced by \"new\" investors. What is the highest amount of income that can be pledged to the \"new\" investors? Write down the \"breakeven constrain \" for the \"new\" investors when the borrower exerts high effort. Will the project be nanced? (30% of the marks)