Please show the formulas of how to find these answers step by step without excel spreadsheet

ThreeTree Inc. has an unlevered cost of capital of $18\%,$ a cost of debt of $6\%,$ and is $35\%$ financed with debt. There are no corporate taxes.

$21.$ What would be the firm's levered cost of equity?

A$)14\mathrm{.}25\%$

B$)18\mathrm{.}00\%$

C$)16\mathrm{.}00\%$

D$)17\mathrm{.}11\%$

E$)24\mathrm{.}46\%$

$22.$ If the firm were to change its capital structure so that it is financed with $60\%$ debt, what would be thenew WACC?

A$)18\mathrm{.}00\%$

B$)13\mathrm{.}67\%$

C$)16\mathrm{.}79\%$

D$)25\mathrm{.}20\%$

E$)24\mathrm{.}46\%$

Please use the following information to answer the next TWO questions.

Farmhouse Fudge Inc. expects an EBIT of $$220,000$ every year forever. The firm currently has no debt and its cost of equity is $20\%.$ The firm is thinking of borrowing $$350,000$ at $9\%$ and buying back shares. The corporate tax rate is $40\%.$

$23.$ What would be the value of the levered firm?

A$)$ $$1,100,000$

B$)$ $$691,500$

C$)$ $$1,240,000$

D$)$ $$800,000$

E$)$ $$1,450,000$

$24.$ What would be the firm's cost of equity and WACC, respectively, after the recapitalization?

A$)22\mathrm{.}89\%$;$15\mathrm{.}84\%$

B$)33\mathrm{.}53\%$;$21\mathrm{.}23\%$

C$)25\mathrm{.}13\%$;$16\mathrm{.}50\%$

D$)31\mathrm{.}98\%$;$20\mathrm{.}35\%$

E$)23\mathrm{.}22\%$;$12\mathrm{.}87\%$

$25.$ An unlevered firm currently has a value of $$10$ million. The firm has a tax rate of $40\%.$ The firm wishes to replace $$5$ million of its equity with $$5$ million of permanent debt. However, if it increases its leverage, the PV of the expected costs of financial distress would increase from $$0$ to $$2$ million. What is the value of the levered firm if it goes ahead with this plan?

A$)$ $$14$ million

B$)$ $$12$ million

C$)$ $$10$ million

D$)$ $$11$ million

E$)$ None of the above.

$26.$ Railwaze Corp. is currently an all$-$equity firm with a market value of $$88,000,000$ and a stock price of $$55$ per share. If the firm does a $5-$for$-2$ stock split, what will be the price per share after the split?

A$)$ $$22$

B$)$ $$55$

C$)$ $$137\mathrm{.}50$

D$)$ $$33$

E$)$ $$88$

$27.$ Your firm's management is deciding whether to use its accumulated cash to either expand the firm's operations, which will have an NPV of $$1$ million, or to pay out the cash in a share repurchase. If perfect capital markets hold, which option would be preferred by shareholders?

A$)$ Shareholders would prefer the repurchase since the share price will be higher.

B$)$ Shareholders would prefer the expansion since the share price will be higher.

C$)$ Shareholders would be indifferent between the two options.

D$)$ There is not enough information to answer the question.

E$)$ None of the above.