Snowflake Ltd. is an all-equity funded firm with 75 million shares outstanding, trading at $12.00/share. The company is planning on borrowing $700.00 million and buying back shares. The marginal tax rate for the firm is 35% and the cost of bankruptcy as a percent of unlevered firm value is 25%. If the new market capitalization for the firm will be $290.00 million after the buyback, what is the probability of bankruptcy after the buyback?

Question options:

a)	70.00%
b)	49.21%
c)	16.76%
d)	62.63%
e)	68.89%