Netto is an American company with operations in Europe. The balance sheet of their European subsidiary is given below (in million):

Assets			Liabilities & Equity
			Liabilities	50
Total assets	90		Equity	40

The initial exchange rate is 0.77 per $.

Attempt 1/10 for 10 pts.

Part 1

What is the dollar value of equity if the current exchange rate is 0.77 per $ (in $ million)?

Submit

Attempt 1/10 for 10 pts.

Part 2

A year later, the balance sheet of the European subsidiary is still the same, but the exchange rate has changed to 0.924 per $. What is the new dollar value of equity (in $ million)?