... 2 10 1102 110 140 250 25 12 13 1 12 122 3 122 190 31 2 28 17 11 0 11 133 4 133 258 39 1 31 26 5 0 5 138 5 138 35 0 488 34 35 À10À1 137 6 137 474 611 43 47 À40À4 133 M. Jensen, Agency costs of free ... VA¼ 50=0:15 ¼ 33 3 :3; VB¼ 30 0=0:15 ¼ 2,000:(b) VAunchanged; VB¼ 39 0=0:15 ¼ 2,600; for 30 0 reinvested, creation ofvalue ¼ 30 0.(c) VBunchanged; VA¼ 65=0:15 ¼ 433 :33 ; for 30 0 reinvested, ... of equity: kE10% 12%Equity: VCP¼ DIV=kE200,000 133 ,33 3Debt: VD¼ IE=kD0 80,000Enterprise value: V ¼ VEþ VD200,000 2 13, 333 Weighted average cost of capital: k ¼ OP=V 10% 9.4%Gearing:...