Look again at Table. At the end of fiscal 2008 Est̩e Lauder had 195 million shares outstanding 20 with a share price of $45.50. The company۪s weighted-average cost of capital was about 10%. Calculate
a. Market value added.
b. Market-to-book ratio.
c. Economic value added.
d. Return oncapital.

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TABLE End of Year Start of Year Balance Sheet Assets Current assets: 254 861 856 269 2,239 marketable Accounts receivable Inventories Other current assets 402 1,039 987 360 2,787 Fixed assets: Tangible fixed assets Property, plant, and equipment Less accumulated depreciation 2,394 1,351 1,043 113 1,232 881 Net tangible fixed assets Long-term investments Other long-term assets 24 1.157 5,011 Total assets 4,126 Liabilities and Shareholders' Equity Current liabilities: Debt due for repayment Accounts payable 119 1,581 1,699 60 1,440 1,501 Total current liabilities Long-term debt Other long-term liabilities 1,078 581 398 Total liabilities 3,358 Total shareholders' equity16531.199 1,199 Total liabilities and shareholders' equity 5,011 4,126 Income Statement Net sales Cost of goods sold Selling, general, and administrative expenses Depreciation Earnings before interest and taxes (EBIT) Interest expense Taxable income 7.911 1,997 4,852 251 811 67 744 260 10 474 Minority interest Net income 107 367 Addition to retained arnings