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A firm has current assets that could be sold for their book value of $ 8 , 0 0 0 , 0 0 0 .

"A firm has current assets that could be sold for their book value of $8,000,000. The book value of its fixed assets is $4,000,000, but they could be sold for $12,000,000 today. The firm has total debt at a book value of $78, but interest rate changes have increased the value of the debt to a current market value of $1,000,000. This firm's equity market-to-book ratio is ________."

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