Please refer to the links listed below and use the data within them to solve the questions below:

https://www.zacks.com/stock/quote/MAR?q=MAR

https://www.zacks.com/stock/quote/MAR/balance-sheet?icid=quote-stock_overview-quote_nav_tracking-zcom-left_subnav_quote_navbar-balance_sheet

https://marriott.gcs-web.com/annual

Overview and assumptions: Let's use some simplifying assumptions that Marriott International funds itself exclusively with common stock and debt. Further, let's assume that the return on Marriott's debt is a weighted average of its outstanding bond returns. Finally, use a risk-free rate of return of 5.30%, a market risk premium of 7.6%, and a tax rate of 21%. Perform calculations in Billions. Only use these assumptions and the values from these specific sources and dates. Specifics:

1. Go to https://www.zacks.com a. In the upper right, search for ticker MAR. Note the Beta. b. From the menu on the left, below "Financials," select "Balance Sheet." c. Note the Total Debt from 12/31/2023 (reads "Total Liabilities") and Shares Outstanding. Report these values with all its zeros (ex: 8.12B = 8120000000). d. Find the year end price per share of Marriott: From the menu on the left, select "Price and EPS Surprise." Scroll for the closing price on December 29, 2023 (December 31, 2023 was a Sundaynot a trading day).

2. Use these inputs to estimate Marriott's cost of equity using CAPM. a. Round your return to four decimal places. For example: 0.1233517 = 0.1234

3. Go to the annual report that Marriott files with the Securities and Exchange Commission (aka 10-K): https://marriott.gcs-web.com/annual a. Select "2023 Annual Report" (in pdf format) (This is a very long document.) Here you will find specifics on the interest rate of each outstanding bond issue. To easily navigate to the precise data you need, search "We provide detail" or scroll to Note 9. LONG-TERM DEBT from the Consolidated Financial Statements. b. I recommend copying and pasting the table into Excel, printing the page and writing on it, or hand-copying it to another page. c. Only consider the "Senior Notes." Treat all other forms of Long-Term Debt, like Commercial paper, Credit Facility, Finance lease obligations, and Other, as though their values equal 0. In other words, ignore every other line item that is listed below "Senior MM Notes." d. For each series, note the "effective interest rate" and 2023 value. The effective interest rate is the yield-to-maturity on each issue. The value is the amount listed in the column under the header "At Year-End 2023." -i. Make a column next to each issue name for (1) the value and (2) the effective interest rate (in either order).

4. Create one single company cost of debt by creating a weighted average of each yield-to- maturity using each notes issue's market value as its weight. a. Consider only the Senior Notes. Disregard Series U and Z (and Q, S, T, Y, BB, and DD, which are unlisted) because they had matured during 2023 and are no longer outstanding at year end. b. You probably want to use Excel for these calculations. Carry at least eight significant digits for calculations. c. Round your yield to four significant digits. For example: 0.1233517 = 0.1234

5. Calculate the firm's market value of its equity by multiplying the Shares Outstanding by the yearend price you pulled from Zacks. Report these values with all their zeros (ex: 8.12B = 8120000000).

6. Calculate the firm's value as the sum of the equity market value and the book value of debt (Total Liabilities from Zacks). Report these values with all their zeros (ex: 8.12B = 8120000000).

7. Using the cost of equity and cost of debt you determined above, calculate Marriott's WACC. Be sure to use market value of equity as the weight for equity and Total Debt as the weight for debt. a. Round your answer to four significant digits. Do not report the percentage sign, and enter as a decimal. For example: 12.33517% should be entered as 0.1234.

THANK YOU SO MUCH!