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 $$16$ per share and has a beta of $0\mathrm{.}9.$ There are $3$ million common shares outstanding. The market risk premium is $10\%,$ the risk$-$free rate is $6\%,$ and the firm$$s tax rate is $21\%.$

BOOK$-$VALUE BALANCE SHEET

$($Figures in $ millions$)$

Assets Liabilities and Net Worth

Cash and short$-$term securities $ $3\mathrm{.}0$ Bonds, coupon $=8\%,$ paid annually $($maturity $=10$ years, current yield to maturity $=9\%)$ $ $10\mathrm{.}0$

Accounts receivable $3\mathrm{.}0$ Preferred stock $($par value $$15$ per share$)3\mathrm{.}0$

Inventories $7\mathrm{.}0$ Common stock $($par value $$0\mathrm{.}10)0\mathrm{.}3$

Plant and equipment $21\mathrm{.}0$ Additional paid$-$in stockholders$$ equity $5\mathrm{.}7$

Retained earnings $15\mathrm{.}0$

Total $ $34\mathrm{.}0$ Total $ $34\mathrm{.}0$

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

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.