show detail and formula Thank you!

5. Seger, Inc., is an unlevered firm with expected annual earnings before taxes of $21 million in perpetuity. The current required return on the firm's equity is 16 percent, and the firm distributes all of its earnings as dividends at the end of each year. The company has 1.3 million shares of common stock outstanding and is subject to a corporate tax rate of 35 percent. The firm is planning a recapitalization under which it will issue S30 million of perpetual 9 percent debt and use the proceeds to buy back shares. a. Calculate the value of the company before the recapitalization plan is announced. What is the value of equity before the announcement? What is the price per share? b. Use the ANPV method to calculate the company value when the recapitalization plan is announced. What is the value of equity upon announcement? What is the price per share? repurchase has been completed? What is the price per share? equity after the recapitalization. c. How many shares will be repurchased? What is the value of equity after the d. Use the flow to equity (NPV method to calculate the value of the company's