Please show all your work.

Additionally, here is a similar example. Follow this format.

a. What is the value of Milton Industries without leverage? b. What is the value of Milton Industries with leverage? a. What is the value of Milton Industries without leverage? The value of Milton Industries without leverage is $ million. (Round to two decimal places.) b. What is the value of Milton Industries with leverage? The value of Milton Industries with leverage is $ million. (Round to two decimal places.) a. What is the value of Milton Industries without leverage? b. What is the value of Milton Industries with leverage? a. What is the value of Milton Industries without leverage? To find the value of Milton Industries without leverage, use the following formula: VU=UnleveredCostofCapitalFreeCashFlow where: VU= value of firm without leverage Therefore, VU=0.17$22million=$129.41million The value of Milton Industries without leverage is $129.41 million. b. What is the value of Milton Industries with leverage? To find the value of Milton Industries with leverage, use the following formula: VL=VU+PV(InterestTaxShield) where: VL=valueoffirmwithleverageandPV(InterestTaxShield)=TCD Therefore, VL=$129.41million+0.37$63.41million=$152.87million The value of Milton Industries with leverage is $152.87 million