Consider the table shown below to answer the question posed in part a. Parts b and c are independent of the given table. Callaway Golf (ELY) Number of Share (millions) 94.2 x Stock Price x 27.30 Alaska Air Group (ALK) 123.7 x 50.70 Yum! Brands (YUM) 301.7 103.07 Caterpillar Tractor (CAT) Microsoft (MSFT) 543.3 7,560 x 186.66 242.12 Market Capitalization ($ millions) $2,572 $ 6,272 $31,096 $101,412 $ 1,830,427 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? Note: Enter your answer in dollars not in billions of dollars. b. The rating agency has revised Catalytic Concepts' bond rating to BBB (use Table 2.2). What interest rate, approximately, would the company now need to pay on its bonds? Note: Enter your answer as a percent rounded to 1 decimal place. c. A farmer and a meatpacker use the commodity markets to reduce their risk. One agrees to buy live cattle in the future at a fixed price, and the other agrees to sell. Which one sells? a. Market value b. Interest rate % c. Which one sells? A farmer ABLE 2.2 Interest rates on long-term corporate bonds, October 2020. The interest rate is lowest for top-quality (AAA and AA) issuers. The rate rises as edit quality declines. Credit Rating AAA AA Interest Rate 1.6% 1.6 A 1.7 BBB 2.4 BB B 4.2 5.6 ource: ICE Bank of America Merrill Lynch indices.