Please show all equations and work as needed. If possible enter the work as text. Also make the answer clear. Thank you.

You are an entrepreneur starting a biotechnology firm. If your research is successful, the technology can be sold for $30 million. If your research is unsuccessful, it will be worth nothing. To fund your research, you need to raise $2 million. Investors are willing to provide you with $2 million in initial capital in exchange for 50% of the unlevered equity in the firm. What is the total value of the firm without leverage? $30 million $4 million $2 million $15 million You are the same entrepreneur from the prior question. Suppose you borrow $1 million. According to M&M (no taxes, frictions, etc.), what fraction of the firm's equity will you need to sell to raise the additional $1 million you need? 66.66% 100.00% 50.00% 33.33%