Consider the table shown below to answer the question posed in part a. Parts b and c are independent of the given table.

Number of Share

(millions) Stock Price = Market

Capitalization

($ millions)

Callaway Golf (ELY) 94.6 $ 16.36 = $ 1547.66

Alaska Air Group (ALK) 123.4 $ 61.96 = $ 7645.86

Yum! Brands (YUM) 332.5 $ 85.13 = $ 28,305.73

Caterpillar Tractor (CAT) 147.4 $ 597.63 = $ 88,090.66

Microsoft (MSFT) 7,705.0 $ 91.27 = $ 703,235.35

a. The price of Yum! Brands stock has risen to $170. What is the market value of the firm's equity if the number of outstanding shares does not change? (Enter your answer in billions rounded to 3 decimal places.)