1. Consider the following company,

Book Value of Debt	$50 million
YTM	10%
Coupon	7%
Coupon Payments	semi-annually
Years	20
Corporate Tax Rate	33%
# of Preferred Shares	2 million
Price of Preferred Share	$25
Dividend per Preferred Shares	$1.33
# of Common Shares	9.5 million
Price of Common Share	$19
of Common Stock	1.3
Risk-Free Rate	4%
Market Return	10%

What is the market value of the debt? Enter your answer in terms of millions and rounded to 2 DECIMAL PLACES.

Enter your response below. million