QWE Limited plans to raise $180 million to fund a project with 2 alternative projects. $125 million will be via debt. Consider the following information: Probability Project 1 - Cash flows Project 2 - Cash flows Unfavourable 45% $135 million $100 million Favourable 55% $210 million $235 million (a) Calculate the expected payoff for projects 1 and 2. (b) Calculate the expected payoff to equity holders for projects 1 and 2. (c) If the firm chooses to implement project 1, what would be the likely reactions from debtholders and equity holders? (d) If the firm chooses to implement project 2, what would be the likely reactions from debtholders and equity holders? (e) If the firm had $100m in cash, calculate the expected payoff to equity holders for project 1 and 2. Which project the equity holders prefer