In early 2015, Ford Motor ( F ) had a book value of equity of $24.8 billion, 4.0 billion shares outstanding, and a market price of $16 per share. Ford also had cash of $21.7 billion, and total debt of $119.2 billion. Three years later, in early 2018, Ford had a book value of equity of $35.0 billion, 4.0 billion shares outstanding with a market price of $11 per share, cash of $26.5 billion, and total debt of $154.3 billion. Over this period, what was the change in Ford’s

a. market capitalization?

b. market-to-book ratio?

c. enterprise value?

AppendixLO1