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Suppose Microsoft has no debt and a WACC of 9.4%. The average debt-to-value ratio for the software industry is 6.1%. What would be its cost of equity if it took on the average amount of debt for its industry at a cost of debt of 6.4%? Assume no taxes, frictions, etc. 8.57% 09.59% 5.94% 08.07% Milton Industries expects free cash flow of $5 million each year. Milton's corporate tax rate is 35%, and its unlevered cost of capital is 15%. The firm also has outstanding debt of $19.05 million, and it expects to maintain this level of debt permanently. What is the value of Milton Industries with leverage? $33.33 million $43.56 million $40.00 million $30.00 million