Marpor has no debt and expects to generate free cash flows of $15 million each year. Marpor believes that if permanency increases its level of debt to $35 million, the risk stress may cause it to some customers and receive loss favourable terms from its suppliers. As a result. Marpor expected free cash flows with debt will be only $14 million Suppose Marpor's tax rate is 40%, the risk-free rate is 5%, the expected return of the market is 12%, and the beta of Marpor's free cash flows is 1.1 (with or without leverage). a. Estimate Marpor's value without leverage. b. Estimate Marpor's value without new leverage. a. Estimate Marpor's value without leverage. Marpor's value without leverage is $ million. (Round to the decimal places.) b. Estimate Marpor's value with the new leverage. Marpor's value with the new leverage is $ million. (Round to two decimal places.)