Here are simplified financial statements of Phone Corporation from a recent year:

INCOME STATEMENT (Figures in millions of dollars)
Net sales	12,800
Cost of goods sold	3,860
Other expenses	4,127
Depreciation	2,398
Earnings before interest and taxes (EBIT)	2,415
Interest expense	665
Income before tax	1,750
Taxes (at 30%)	525
Net income	1,225
Dividends	836

BALANCE SHEET (Figures in millions of dollars)
	End of Year	Start of Year
Assets
Cash and marketable securities	85	154
Receivables	2,182	2,410
Inventories	167	218
Other current assets	847	912
Total current assets	3,281	3,694
Net property, plant, and equipment	19,933	19,875
Other long-term assets	4,176	3,730
Total assets	27,390	27,299
Liabilities and shareholders equity
Payables	2,524	3,000
Short-term debt	1,399	1,553
Other current liabilities	791	767
Total current liabilities	4,714	5,320
Long-term debt and leases	8,014	7,549
Other long-term liabilities	6,138	6,109
Shareholders equity	8,524	8,321
Total liabilities and shareholders equity	27,390	27,299

Phone Corp.s stock price was $80 at the end of the year. There were 201 million shares outstanding.

a.	What was the companys market capitalization and market value added? (Enter your answers in billions rounded to 2 decimal places.)

Market capitalization	$ billion
Market value added	$ billion

b.	What was its market-to-book ratio? (Round your answer to 2 decimal places.)

Market-to-book ratio