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In mid-2015, Cisco Systems had a market capitalization of $133 billion. It had A-rated debt of
$28 billion as well as cash and short-term investments of $61 billion, and its estimated equity
beta at the time was 1.38 . a. What is Cisco's enterprise value? b. Assuming Cisco's debt has a
beta of zero, estimate the beta of Cisco's underlying business enterprise.

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