i looked under my hood cuz my voltage was waaaaay low... im talkin almost at 8 volts. took off the alt and this is what i found...

looks like the wire in the rubber cap broke right off

the wire goes all the way to the positve battery terminal
looks like the wire either corroded or burned right through.looks like the wire that goes directly to the battery. is there an easy way to replace it, cheaply? or do i have to replace the entire electrical setup? how can i fix this up?