For the most recent fiscal year, book value of long-term debt at Schlumberger was $15343 million. The market value of this long-term debt is approximately equal to its book value. Schlumberger’s share price currently is $56.4. The company has 1,000 million shares outstanding.
What is the market value of the company to its bondholders and shareholders?
Do not round at intermediate steps in your calculation. Express your answer in millions of dollars. (Thus, for example, you would enter $120,340,000 as 120.34 in Canvas.) Round to two decimal places. Do not type the $ symbol.
Advice: this problem gives you debt in millions of dollars and shares outstanding in millions of shares. If you work in millions from start to finish (rather than expanding out the numbers to dollars as you work), then you can avoid the hassle of converting back to $ millions.