dont use scholes model

(HINT, THIS QUESTION IS NOT THAT DIFFICULT) Your firm has a market value balance sheet of Assets ($20)=Debt(14.3) + Equity ($5.7), which we can call a Base Case. Other information is the face value of debt is $40, the debt matures in 5 years, the Asset return standard deviation =50%, and the risk free rate is 4%. You have three mutually exclusive capital budgeting projects from which to choose. Project A has an NPV of \$4. Project A's Standard Deviation is 40%. If Project A is accepted, the firm's new Asset Value will be $24 and the new Debt Value will be 16.3. Project B has an NPV of \$1. Project A's Standard Deviation is 60%. If Project B is accepted, the firm's new Asset Value will be $21 and the new Debt Value will be 12.9. Project C has an NPV of $1. Project A's Standard Deviation is 80%. If Project C is accepted, the firm's new Asset Value will be $19 and the new Debt Value will be 12.7. a. (3/7 value) What is the value of the put option associated with the risky debt in Scenario C? Show your work for any credit. b. (4/7 value) Considering accepting mutually exclusive Projects A,B,C, or rejecting all three projects, what is the optimal strategy? Why? You must use numbers correctly in your explanation to get any credit