You are an entrepreneur starting a biotechnology form. If your research is successful, the technology can be sold for $32 million. If your research is unsuccessful, it will be worth nothing. To fund your research, you need to raise $6.6 million. Investors are willing to provide you with $6.6 million in initial capital in exchange for 30 % of the unlevered equity in the firm. 1. What is the total market value of the firm without leverage? 2. Suppose you borrow $0.5 million. According to M&M, what fraction of the firm's equity will you need to sell to raise the additional $6.1 million you need? 3. What is the value of your share of the firm's equity in cases (1) and (2)