Here are book$-$ and market$-$value balance sheets of the United Frypan Company $($figures in $ millions$)$:

Book$-$Value Balance Sheet

Net working capital $ $50$ Debt $ $70$

Long$-$term assets $50$ Equity $30$

$ $100$ $ $100$

Market$-$Value Balance Sheet

Net working capital $ $50$ Debt $ $70$

Long$-$term assets $160$ Equity $140$

$ $210$ $ $210$

Assume that MM$$s theory holds except for taxes. There is no growth, and the $$70$ of debt is expected to be permanent. Assume a $21\%$ corporate tax rate.

How much of the firm's value is accounted for by the debt$-$generated tax shield?

Note: Enter your answer in million rounded to $2$ decimal places.

What is United Frypan$$s after$-$tax WACC if rDebt$=6\mathrm{.}3\%$

and rEquity$=16\mathrm{.}7\%$

$?$

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal places.

Now suppose that Congress passes a law that eliminates the deductibility of interest for tax purposes after a grace period of $5$ years. What will be the new value of the firm, other things equal? Assume an $6\mathrm{.}3\%$ borrowing rate.