Acort Industries owns assets that will have? a(n) 75% probability of having a market value of $53 million in one year. There is a 25% chance that the assets will be worth only $23 million. The current? risk-free rate is 3%?, and? Acort's assets have a cost of capital of 6%.

a. If Acort is? unlevered, what is the current market value of its? equity? ____ million (round to 3 decimal places)

b. Suppose instead that Acort has debt with a face value of $19 million due in one year. According to? MM, what is the value of? Acort's equity in this? case? ____ million (round to 3 decimal places)

c. What is the expected return of? Acort's equity without? leverage? What is the expected return of? Acort's equity with? leverage? ____% (round to 2 decimal places)

d. What is the lowest possible realized return of? Acort's equity with and without? leverage? ____% (round to 2 decimal places)

Please show all work.