In $2020,$ Caterpillar Incorporated had about $540$ million shares outstanding. Their book value was $$32\mathrm{.}4$ per share, and the market price was $$132\mathrm{.}70$ per share. The company$$s balance sheet shows that the company had $$27\mathrm{.}75$ billion of long$-$term debt, which was currently selling near par value.

A$.$ What was Caterpillar$$s book debt$-$to$-$value ratio?

B$.$ What was its market debt$-$to$-$value ratio?

C$.$ Which measure should you use to calculate the company$$s cost of capital?