Byrd Enterprises has no debt. Its current total value is $$50\mathrm{.}2$ million. Assume the company sells $$20$ million in debt.

a$.$ Ignoring taxes and bankruptcy costs, what is the debt$-$equity ratio? Hint: the value of the firm $=$ the value of equity $+$ value of debt.

Note: Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

b$.$ Assume the company's tax rate is $21$ percent. What is the debt$-$equity ratio? Ignore bankruptcy costs but assume taxes

influence corporate value.

Note: Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$

Answer is complete but not entirely correct.