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WestCo Ltd (WTC) is a publicly traded company with a current share price of $33 per share and had 14 million shares outstanding. WTC had just paid $1.87 per share in dividends and the dividends are expected to grow by 6% per year in the future. WTCs long-term debt consists of 14% bonds issued with a face value of $70 million, paying semi-annual coupons. These bonds have exactly 6 years to maturity with 12 coupons to be paid. The market yield on the bonds is quoted at 11% p.a. Its equity consists entirely of ordinary shares. The beta of WTC is 1.54, the risk-free rate is 2%, and the market risk premium is 6.5%. The corporate tax rate is 30%.

1. Calculate the market value of equity and market value of debt for WestCo Ltd?