Could u please answer the questions in the first pic form the case study.

Case 31 AN INTRODUCTION TO DEBT POLICY AND VALUE The aim of this case was to illustrate Modigliani and Miller's theory about the relationship between more or less debt and a firm's overall market value in a taxable world. In particular, it illustrates the impact on valuation of debt tax shields. This case lays important conceptual foundations in the area of firm valuation, and sketches the three classic approaches to valuing the firm as a consequence of recapitalizing it at various levels of debt, as compared to a startin point of an all equity financed firm. 1. In words, what are the three different approaches to valuation of the firm as described and presented in Case 31 as Problems 1, Problem 2 and Problem 3 (You will recall that in each case, all three approaches gave the same total valuation result.) Explain why that, even though the total market value of equity declines with increases in leverage, on a per-share basis, the shareholders are better off after relevering. Case 31 AN INTRODUCTION TO DEBT POLICY AND VALUE The aim of this case was to illustrate Modigliani and Miller's theory about the relationship between more or less debt and a firm's overall market value in a taxable world. In particular, it illustrates the impact on valuation of debt tax shields. This case lays important conceptual foundations in the area of firm valuation, and sketches the three classic approaches to valuing the firm as a consequence of recapitalizing it at various levels of debt, as compared to a startin point of an all equity financed firm. 1. In words, what are the three different approaches to valuation of the firm as described and presented in Case 31 as Problems 1, Problem 2 and Problem 3 (You will recall that in each case, all three approaches gave the same total valuation result.) Explain why that, even though the total market value of equity declines with increases in leverage, on a per-share basis, the shareholders are better off after relevering