In March 2005, General Electric (GE) had a book value of equity of $113 billion, 10.6 billion shares outstanding, and a market price of $36 per share. GE also had cash of $13 billion, and total debt of $370 billion. Four years later, in early 2009, GE had a book value of equity of

$105 billion, 10.5 billion shares outstanding with a market price of $10.80 per share, cash of

$48 billion, and total debt of $524 billion. Over this period, what was the change in GE’s

a. market capitalization?

b. market-to-book ratio?

c. book debt-equity ratio?

d. market debt-equity ratio?

e. enterprise value?