Please solve and show your work for A, B, C, and D.

Please include formula and how you got to the answer.

Please include reasoning.

Consider a levered firm that is considering two mutually-exclusive projects: Project A and Project B. The promised payoff to the bondholders is 200: Project A Project B Probability Value of Firm Probability Value of Firm 0.50 0.50 200 400 0.50 0.50 100 480 a)Calculate the expected value of the firm, the expected payoff to the bondholders, and the expected payoff to the shareholders for both Project A and Project B. b)Which project would the shareholders choose if the firm were all-equity financed? c)Given the current levered state, which project would the shareholders choose? d) Name the two problems that arise from the conflicts of interests between shareholders and bondholders. These two problems worsen during financial distress