Table 28.8 gives abbreviated balance sheets and income statements for Walmart. At the end of fiscal 2017, Walmart had 2,960 million shares outstanding with a share price of $106. The company?s weighted-average cost of capital was about 5%. Assume the marginal corporate tax rate was 35%. Calculate:

a. Market value added.

b. Market-to-book ratio.

c. Economic value added.

d. Return on start-of-the-year capital.

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Fiscal 2016 Fiscal 2017 Balance Sheet Assets Current assets: $ 6,867 Cash and marketable securities 6,756 Accounts receivable 5,614 5,835 Inventories 43,783 43,046 3,511 1,941 Other current assets $ 59,664 $ 57,689 Total current assets Fixed assets: $114,818 $114,178 Net fixed assets Other long-term assets 30,040 26,958 $204,522 $198,825 Total assets Liabilities and Shareholders' Equilty Current liabilities: $ 46,092 $ 41,433 Accounts payable 25,495 Other current liabilities 32,429 $ 78,521 $ 66,928 Total current liabilities Long-term debt 36,825 42,018 Other long-term liabilities 11,307 12,081 Total liabilities $126,653 $121,027 Total shareholders' equity 77,869 7,798ר Total liabilities and shareholders' equity $204,522 $198,825 Income Statement $500,343 $485,873 Net sales Cost of goods sold 373,396 361,256 Selling, general, and administrative expenses 95,981 91,773 10,080 Depreciation 10,529 $ 20,437 $ 22,764 Earnings before interest and tax (EBIT) Interest expense 2,178 2,267 $ 18,259 $ 20,497 Taxable income Tax 4,600 6,204 $ 13,659 $ 14,293 Net income