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X has a certain payoff of $50 in one year, while Y has a 50% chance of generating $100 in one year, and another 50%

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X has a certain payoff of $50 in one year, while Y has a 50% chance of generating $100 in one year, and another 50% chance of generating $0 in one year. Suppose the company has an outstanding debt = $50. Which one will debt holders prefer? Which one will shareholders prefer? Which one will the financial manager prefer? Justify your answers

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