A firm required $ 200 million in financing, consisting of $ 50 million in bonds and $ 15 0 million in equity. This $ 200 million was used to purchase assets. After one year, the value of these assets will be either $ 300 million ( with a 4 0 % probability ) , $ 220 million ( with a 4 0 % probability ) , or $ 20 million ( with a 2 0 % probability ) . Regardless of the outcome, the firm will be liquidated, and the bondholders and equity holders will be paid from the liquidation value. Bondholders are promised a fixed payment of $ 60 million. If the liquidation value is less than $ 60 million, bondholders will receive the liquidation value instead. There are no other stakeholders. Calculate the expected return for both bondholders and equity holders.