Wolfrum Technology$($WT$)$ has no debt. Its assets will be worth $$$$451$ million one year from now if the economy is$$ strong, but only $$$$225$ million in one year if the economy is weak. Both events are equally likely. The market value today of its assets is $$$$268$ million.

a$.$ What is the expected return of WT stock without$$ leverage? $26\mathrm{.}12\%$

b$.$ Suppose the$$ risk$-$free interest rate is $5\%.$ If WT borrows $$$$144$ million today at this rate and uses the proceeds to pay an immediate cash$$ dividend, what will be the market value of its equity just after the dividend is$$ paid, according to$$ MM$?$ $$124$million

c$.$ What is the expected return of WT stock after the dividend is paid in part $($b$)?$