i need help with this exercise. explaining and not just answers is needed.

The management team of ABC corporation is planning to introduce a new corporate strategy and currently has four options to choose from, each with a different probability of success and total firm value in the event of success, as shown below: Strategy U Expected success rate 100% 80% 60% 40% Firm Value if Successful (in $ million) $60.00 $70.00 $80.00 $90.00 Firm Value if failure (in $ million) 0.00 0.00 0.00 0.00 a) Which project has the highest expected payoff? b) Assume that ABC will choose the strategy that yields the highest expected equity value. Which of the four strategies is the management team likely choose if ABC currently has No debt Debt with a face value of $30m? 111. Debt with a face value of $50m? c) What agency cost of debt is described in your answer to part (b)