$ 1,752.85

Adding the debt value of operating leases to the market value of debt of $12,915 million yields a total market value for debt of $14,668 million at Disney.

Aracruz has debt with a book value of 3,946 million BR, interest expenses of 339 million BR in the current year and an average maturity for the debt of 3.20 years. Since most of the debt is dollar debt, we used the nominal dollar pre-tax cost of debt for the firm of 7.25% (from illustration 4.12)61. The market value of Aracruz debt is:

MV of Aracruz Debt = 339

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