Armin is a new company

$$ Half the time it will succeed

$$ worth $$150$

$$ Half the time it will do poorly

$$ only worth $$80$

$$ Upfront costs of $$100$

$$ Can finance with debt or equity

$$ w$/$debt$,$ there$$s a cost of bankruptcy of X s$.$t$.0<=$ x $<=30$

$$ What is the value of the firm under each financing

option?