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

INCOME STATEMENT (Figures in millions of dollars)
Net sales	13,800
Cost of goods sold	4,410
Other expenses	4,182
Depreciation	2,728
Earnings before interest and taxes (EBIT)	2,480
Interest expense	720
Income before tax	1,760
Taxes (at 35%)	616
Net income	1,144
Dividends	926

BALANCE SHEET (Figures in millions of dollars)
	End of Year	Start of Year
Assets
Cash and marketable securities	96	165
Receivables	2,732	2,630
Inventories	222	273
Other current assets	902	967
Total current assets	3,952	4,035
Net property, plant, and equipment	20,043	19,985
Other long-term assets	4,286	3,840
Total assets	28,281	27,860
Liabilities and shareholders equity
Payables	2,634	3,110
Short-term debt	1,454	1,608
Other current liabilities	846	822
Total current liabilities	4,934	5,540
Long-term debt and leases	5,275	5,580
Other long-term liabilities	6,248	6,219
Shareholders equity	11,824	10,521
Total liabilities and shareholders equity	28,281	27,860

Phone Corp.s stock price was $91 at the end of the year. There were 212 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