Assume that our client, is a publicly traded technology company. They face a marginal tax rate of $35\%$ and applies a plow$-$back of $25\%$ of Net Income into Retained Earnings.

First, our client is interested in learning how to estimate the current market value $($aka: Present Value$)$ of no$-$growth publicly traded firms. You are to create the necessary Balance Sheets and Income Statement for a fictional no$-$growth publicly traded firm and then calculate the annual Cash Flow from Assets $($aka: CFFA$)$ for this fictional firm. A constraint here, however, is that your last CFFA $($aka: CFFA$\_0)$ must range between $$30,000,000$ and $$50,000,000$ annually. In short, instruct our client on how to calculate CFFA.

Second, after calculating the fictional no$-$growth, publicly traded firm$$s last CFFA, you are to instruct our client on how to estimate its present value $($aka: intrinsic value, market value$).$

Assume the market determined risk adjusted required rate of return $($aka: the appropriate discount rate, WACC$)$ for the fictional firm is $6\mathrm{.}25\%$ and the annual growth rate in this firm$$s outstanding shares is $3\mathrm{.}00\%.$ In short, instruct our client on how to estimate the value of a no$-$growth publicly traded firm.