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 $10 per share and has a beta of 0.9. There are 4 million common shares outstanding. The market risk premium is 8%, the risk-free rate is 4%, and the firm's tax rate is 21%. BOOK-VALUE BALANCE SHEET Assets (Figures in $ millions) Liabilities and Net Worth Cash and short-term securities Bonds, coupon 5%, paid annually (maturity current yield to maturity = /%) = 10 years, Accounts receivable 3.0 Inventories Plant and equipment 7.0 25.0 Preferred stock (par value $20 per share) Common stock (par value $0.10) 0.4 Additional paid-in stockholders' equity Retained earnings 17.0 Total $ 38.0 Total 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 Intermedlate calculations. Enter your answers as a percent rounded to 2 decimal places. a. Market debt-to-value ratio b. WACC %