The following options available to raise the required funds of £3,000,000: I) Sell 1,000,000 shares at 300p each ii) Sell 500,000 shares at 300p each and borrow £1,500,000 at an interest rate of 6% per annum. This loan would be secured against current assets iii) Sell 200,000 share at 400p each and borrow £2,200,000 at an interest rate of 7.5% per annum. This loan would be unsecured. Calculate the expected return (in percentage term) to shareholders under each of these structures, given a profit before interest and tax figure of £800,000. Assume the tax rate to be 25%. I would like to be explained how to do this calculation.