The Bluenose Ship Company executed an initial public offering five years ago by selling 10 million shares at $10 each after brokerage costs. At the same time, $50 million of 10% bonds maturing in 20 years were issued at par ($100). The shares now sell at $25 and the bonds trade at $102. Retained earnings stand at $44,500,000.
Required:
Calculate the market value added by Bluenose since its initial public offering (IPO) five years ago.