You are an entrepreneur starting a biotechnology firm. If your research is successful, the technology can be sold for $25 million. If your research is unsuccessful, it will be worth nothing. To fund your research, you need to raise $4.6 million. Investors are willing to provide you with $4.6 million in initial capital in exchange for 40% of the unlevered equity in the firm. a. What is the total market value of the firm without leverage? b. Suppose you borrow $0.9 million. According to MM, what fraction of the firm's equity will you need to sell to raise the additional $3.7 million you need? c. What is the value of your share of the firm's equity in cases (a) and (b)? The market value is $ 11.5 million. b. Suppose you borrow $0.9 million. According to MM, what fraction of the firm's equity will you need to sell to raise the additional $3.7 million you need? You will need to sell 34.9 %. c. What is the value of your share of the firm's equity in cases (a) and (b)? Case (a) is $6.9 million. Case (a) is $6.9 million. Case (b) is $ ? million