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Examine the following book-value balance sheet for University Products Inc. The preferred stock currently sells for $15 per share and pays a dividend of $3 a share. The common stock sells for $16 per share and has a beta of 0.7. There are 1 million common shares outstanding. The market risk premium is 8%, the risk-free rate is 4%, and the firm's tax rate is 21%. Assets BOOK-VALUE BALANCE SHEET (Figures in $ millions) Liabilities and Net Worth Bonds, , coupon = 6%, paid annually (maturity = 10 years, current yield to maturity Preferred stock (par value $10 per share) Common stock (par value $0.10) Additional paid-in stockholders' equity Retained earnings Cash and short-term securities $ 2.0 Accounts receivable 5.0 Inventories 9.0 Plant and equipment 22.0 = 7%) $10.0 3.0 0.1 8.9 16.0 Total $38.0 $38.0 Total a. What is the market debt-to-value ratio of the firm? b. What is University's WACC? (For all the requirements, do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) a. Market debt-to-value ratio % b. WACC %