River Cruises is all-equity-financed.

Current Data Number of shares 100,000 Price per share 10 Market value of shares $1, 000, 000 State of the Economy Slump Normal Boom Profits before interest S 73, 750 122, 500 184,000Outcomes Number of shares Price per share Market value of shares Market value of debt State of the Economy Slump Normal Boom Profits before interest 73,750 122,500 184,000 Interest Equity earnings Earnings per share Return on shares % % % Expected Outcome