Bruin Industries has a target debt to equity ratio of 0.72. It can issue perpetual debt at 8%. The company expects to generate $123,000 of earnings before interest and taxes in perpetuity. The company distributes all its earnings as dividends at the end of each year. The firms unlevered cost of capital is 14%, and the corporate tax rate is 40%. Assume the risk free rate is 4%, market return is 9%, and the beta of debt is 0.8. Answer the following: a. What is the value of the company as an unlevered firm? b. What is the required return on levered equity? c. What is the value of the company with leverage? d. What is the value of the companys equity, using the WACC approach? e. What is the value of the companys equity, using flow-to-equity (FTE) approach?