1a. Determine Apple's share price on September 24, 2016. (You may consult a common search engine like Yahoo!Finance for this information).Use the actual closing price on that date (not the adjusted closing price).

1b. Determine the number of shares outstanding at September 23, 2016 (You can consult the equity section of the balance sheet for this information).

1c. Determine the market value of Apple's equity at September 24, 2016. The market value of equity is the share price x the number of shares outstanding.

2. Determine the book value of equity at September 23, 2016 (i.e. total value of stockholders' equity reflected on Apple's balance sheet).

3. Determine the ratio of the market value of equity to book value of equity.

4. How significant do you think the difference is between Apple's market value and book value of equity.? What do you think are the major reasons for this difference?