Please show the formulas for how you got your answers please.

a. Clarions future operating earnings are flat ( i. e., no growth), and it anticipates making capital expenditures equal to depreciation expense with no increase anticipated in the firms net working capital. What is the value of the firm using the APV model? To respond to this question, you may assume the following: The firms current borrowing rate is the same as the 9% rate it presently pays on its debt, all the firms liabilities are interest bearing, the firms unlevered cost of equity is 12%, and the firms tax rate is 30%. b. What is the value of Clarions equity (i. e., its levered equity) under the circum-stances described in part (a)? c. What is Clarions weighted average cost of capital, given your answers to parts (a) and ( b)? d. Based on your answers to parts (a) to (c), what is Clarions levered cost of equity? 7 e. If the risk- free rate is 5.25% and the market risk premium is 7%, what is Clarions levered beta? What is Clarions unlevered beta?

PROBLEM 9-7 Given Income Statement Selling and Administrative Expenses income Interest expense Earnings before tax 00 14,000.00 Liabilities Owner's Equity 000.00 6,000.00 14,000.00 n expense $ (2,000.00) Change in Net Working Capital Market rate of interest