1. Angel Enterprises has a levered beta of 1.10, its capital structure consists of 40% debt and 60% equity, and its tax rate is 40%. What would Ang's beta be if it used no debt, i.e., what is its unlevered beta? Show all of your calculation work and label all of your work so I can follow your calculation process.

2. Bram Corp.'s projected capital budget is $1,000,000, its target capital structure is 60% debt and 40% equity, and its forecasted net income is $550,000. If the company follows a residual dividend policy, what total dividends, if any, will it pay out? Show all of your calculation work and label all of your work so I.

Findlay Ventures is considering starting a new company to produce stereos. The sales price would be set at 1.5 times the variable cost per unit: the VC/unit is estimated to be $2.50: and fixed costs are estimated at $120,000. What sales volume (units) would be required in order to break even, i.e., to have an EBIT of zero for the stereo business? Show all of your calculation work and label all of your work so I can follow your calculation process.

Please answer all three questions in an excel style format and show all work.