Consider the table given below to answer the first question (Shares and market values in millions.): Number of Shares × Stock Price = Market Capitalization Callaway Golf (ELY) 71.00 × $ 6.58 = $ 467 Alaska Air Group (ALK) 70.34 × $ 57.50 = $ 4,045 Estée Lauder (EL) 471.25 × $ 65.70 = $ 30,961 Yum! Brands (YUM) 450.73 × $ 67.72 = $ 30,523 General Electric (GE) 10,398.00 × $ 23.77 = $ 247,160
a. The price of Estée Lauder stock has risen to $80. What is the market value of the firm’s equity? (Enter your answer in billions rounded to 3 decimal places.)