Byrd Enterprises has no debt. Its current total value is $49.2 million. Assume the company sells $19.5 million in debt.

a. Ignoring taxes, what is the debt-equity ratio?

Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.

b. Assume the companys tax rate is 21 percent. What is the debt-equity ratio?

Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.