Examine the following book-value balance sheet for University Products Inc. 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 0.9. 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%. Assets Cash and short-term securities $ 3.0 Accounts receivable 3.0 Inventories 7.0 Plant and equipment 21.0 BOOK-VALUE BALANCE SHEET (Figures in $ millions) Liabilities and Net Worth Bonds, coupon - 8w, paid annually (maturity 10 years, current yield to naturity-94) $20.6 Preferred stock (par value $15 per share) 3.0 Common stock (par value $0.10) 0.3 Additional paid-in stockholders' equity 5.7 Retained earnings 5.0 Total $34.0 Total $34.0 a. What is the market debt-to-value ratio of the firm? b. What is University's WACC? (For all the requirements, do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) Market debt-to-value ratio WACC % % b