26. Estimate a venture's terminal value based on the following information: current year's net sales $500,000; next yea expected cash flow $16,000; constant future growth rate 10%; and venture investors' required rate of return=20%. a. $285,714 b. $200,000 c. $150,000 d. $160,000 27. In a wildly successful first year in business that started and ended with no required cash, your firm has operating income of $989,000, net income of $637,000, current assets of $900,000, and current liabilities of $659,000. Net capital expenditures were $690,000, and depreciation was $460,000. The firm has never financed itself with debt. What is your equity valuation cash flow? a. $48,000 b. $166,000 c. $218,000 d. $466,000