Here are book- and market value balance sheets of the United Frypan Company (figures in $ millions): $ Book-Value Balance Sheet Net working capital $ 30 Debt Long-term assets 70 Equity $ 100 50 50 $ 100 $ Market-Value Balance Sheet Net working capital $ 30 Debt Long-term assets 160 Equity $ 190 50 140 $ 190 Assume that MM's theory holds except for taxes. There is no growth, and the $50 of debt is expected to be permanent. Assume a 21% corporate tax rate. a. How much of the firm's market value is accounted for by the debt-generated tax shield? (Enter your answer in million rounded to 2 decimal places.) b. What is United Frypans after-tax WACC if (Debt = 7.8% and requity = 15.2%? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) c. 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 a borrowing rate of 7.8%. (Do not round intermediate calculations. Enter your answer in million rounded to 2 decimal places.) a. PV tax shield million b. WACC % C. New value of the firm million