Examine the following book$-$value balance sheet for University Products Incorporated. The preferred stock currently sells for $$15$ per

share and pays a dividend of $$3$ a share. The common stock sells for $$20$ per share and has a beta of $0\mathrm{.}7.$ There are $2$ million common

shares outstanding. The market risk premium is $12\%,$ the risk$-$free rate is $8\%,$ and the firm's tax rate is $21\%.$

a$.$ What is the market debt$-$to$-$value ratio of the firm?

b$.$ What is University's WACC?

Note: For all the requirements, do not round intermediate calculations. Enter your answers as a percent rounded to $2$ decimal

places.