Use the information

below to answer question 38.

Olive, an equity analyst, observes that 2024 was an

exceptionally profitable year for Evergreen Ltd. She also notes that the

company typically has a low dividend payout ratio, as most of its earnings are

reinvested to promote growth. Furthermore, the income statement contains very

few nonrecurring items. Upon reviewing Olive’s preliminary report, her manager,

Sam, concurs with her analysis of the financial statements but reminds her that

Evergreen Ltd’s long-term debt is currently trading at 95% of its book value.

Assume Olive and Sam are correct with their

conclusions regarding the company's financial statements, which of the following

levels would