Consider the following company,

Book Value of Debt $$64$ million

YTM $10\%$

Coupon $6\%$

Coupon Payments semi$-$annually

Years $10$

Corporate Tax Rate $37\%$

# of Preferred Shares $2$ million

Price of Preferred Share $$26$

Dividend per Preferred Shares $$1\mathrm{.}32$

# of Common Shares $5$ million

Price of Common Share $$17$

$\backslash$beta

of Common Stock

$1$

Risk$-$Free Rate $4\%$

Market Return $11\%$

What is the market value of the debt? Enter your answer in terms of millions and rounded to $2$ DECIMAL PLACES.

Enter your response below.

Number

million

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