solve both

For questions 29 to 30, please read the following case: Biltmore Industries expects free cash flow of $10 million each year. Biltmore's corporate tax rate is 38%, and its unlevered cost of capital is 18%. The firm also has outstanding debt of $20 million, and it expects to maintain this level of debt permanently. 29. What is the value of Biltmore without leverage? A. $55.6 million B. $35.6 million C. $63.2 million D. $52.5 million E. $33.3 million 30. What is the value of Biltmore with leverage? A. $55.6 million B. $35.6 million C. $63.2 million D. $55.5 million E. $33.3 million