Zymase is a biotechnology startup firm. Researchers at Zymase must choose one of three different research strategies. Th

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Zymase is a biotechnology startup firm. Researchers at Zymasemust choose one of three different research strategies. Thepayoffs​ (after-tax) and their likelihood for each strategyare shown​ here,
Probability Payoff (in $million)A 100% 75B 50% 130 50% 0C 10% 310 90% 30
. The risk of each project is diversifiable.
a. Which project has the highest expected​ payoff?
b. Suppose Zymase has debt of $30 million due at the time ofthe​ project's payoff. Which project has the highest expectedpayoff for equity​ holders?
c. Suppose Zymase has debt of $120 million due at the time ofthe​ project's payoff. Which project has the highest expectedpayoff for equity​ holders?
d. If management chooses the strategy that maximizes the payoffto equity​ holders, what is the expected agency cost to thefirm from having $30 million in debt​ due? What is theexpected agency cost to the firm from having $120 million indebt​ due?