Please explain Parts B and C with the Answer for Part A being $7.7 Million.

You are an entrepreneur starting a biotechnology firm. If your research is successful, the technology can be sold for $31 million. If your research is unsuccessful, it will be worth nothing. To fund your research, you need to raise $2.3 million. Investors are willing to provide you with $2.3 million in initial capital in exchange for 30% of the unlevered equity in the firm. a. What is the total market value of the firm without leverage? b. Suppose you borrow $0.4 million. According to MM, what fraction of the firm's equity will you need to sell to raise the additional $1.9 million you need? c. What is the value of your share of the firm's equity in cases (a) and (b)