5.Backcountry Adventures is a Colorado-based outdoor travel agent that operates a series of winter backcountry huts. Current, the value of the firm is $117.8 million in which the value of debt is $39.3 million. If in three years, Backcountry Adventures has 3.5 million shares outstanding trading for $28.2 per share, the value of debt Backcountry Adventures will need to have to maintain a constant debt-equity ratio is closest to:

a.

$197.1 million

b.

$39.3 million

c.

$49.4 million

d.

$32.9 million