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23. In mid-2015, Cisco Systems had a market capitalization of $130 billion. It had A-rated debt of $25 billion as well as cash and short-term investments of $60 billion, and its estimated equity beta at the time was 1.11. a. What is Cisco's enterprise value? b. Assuming Cisco's debt has a beta of zero, estimate the beta of Cisco's underlying business enterprise. a. What is Cisco's enterprise value? Cisco's enterprise value is $ _____ billion. (Round to the nearest integer.) 24. Your company operates a steel plant. On average, revenues from the plant are $30 million per year. All of the plant's costs are variable costs, and are consistently 80% of revenues. (This includes the energy costs associated with powering the plant which represent one quarter of the plant's costs, or an average of $6.00 million per year.) Suppose the plant has an asset beta of 1.25, he risk-free rate is 4%, and the market risk premium is 5 %. The tax rate is 40%, and there are no other costs. a. Estimate the value of the plant today assuming no growth. b. Suppose you enter a long-term contract which will supply all of the plant's energy needs for a fixed cost of $3 million per year (before tax). What is the value of the plant if you take this contract? c. How would taking the contract in (b) change the plant's cost of capital? Explain. a. Estimate the value of the plant today assuming no growth. The value of the plant today assuming no growth is ____ million (Round to two decimal places.)