On december 31, 2015, a company had assets of $16 billion and stockholders' equity of $8 billion. that same company had assets of $20 billion and stockholders' equity of $9 billion as of december 31, 2016. during 2016, the company reported total sales revenue of $9 billion and total expenses of $7 billion. what is the company's debt-to-assets ratio on december 31, 2016?

Quick computing currently sells 12 million computer chips each year at a price of $19 per chip. it is about to introduce a new chip, and it forecasts annual sales of 22 million of these improved chips at a price of $24 each. however, demand for the old chip will decrease, and sales of the old chip are expected to fall to 6 million per year. the old chips cost $10 each to manufacture, and the new ones will cost $14 each. what is the proper cash flow to use to evaluate the present value of the introduction of the new chip? (enter your answer in millions.)