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5. Bullish Corp (BullCo) is a highly leveraged firm with a WACC of 12 percent with a market value of equity at Rs.800 million. BullCo's cost of levered equity is 22 percent, cost of debt is 7 percent and a corporate tax rate of 41.5 - x percent. Interest paid on debt is tax deductible. [20] a. Find BullCo's existing level of debt. [6] b. The advisory board of BullCo has decided to reduce the level of debt by 11.5 + x percent. What is BullCo's WACC after this restructuring? (9) c. An analyst at Bullco remarks that all zero NPV projects in the pipeline will have to be dropped after restructuring. Explain if this is necessarily true