Here is a simplified balance sheet for Locust Farming:

Locust FarmingBalance Sheet

($ in millions)

Current assets $42,526 Current liabilities $29,753

Long-term assets 46,836 Long-term debt 27,754

Other liabilities 14,321

Equity 17,534

Total $89,362 Total $89,362

Locust has 659 million shares outstanding with a market price of $85 a share.

a.Calculate the company's market value added.(Enter your answers in millions.)

Market value (million)

Market value added (million)

b.Calculate the market-to-book ratio.(Round your answer to 2 decimal places.)

Market-to-book ratio

c.How much value as the company created for its shareholders as a percent of shareholders' equity, that is, the net capital contributed to the firm by its shareholders?(Enter your answer as a percentage rounded to the nearest whole number.)

Increase in value of equity (%)