Black Kettle Industries is not growing earnings and faces a tax rate of 35%. The firm's EBIT is a  perpetuity of $100,000,000 and it makes annual interest payments of $40,000,000 on its outstanding  debt of $600,000,000. Its shares currently trade at $38.50.

a) If a company with the same business risk as Black Kettle, but is completely financed with equity,  uses a WACC of 9%, how many shares of Black Kettle are there?
b) Assuming the firm can borrow at the same rate its debt is currently financed at, what is Black  Kettle's WACC?