An analyst is evaluating a company based on the information below: Equity beta = 1.3, risk-free rate = 2%, equity risk premium = 6.1% Cost of debt = 6.5% Marginal tax rate = 35% Capital structure = 30% debt, 70% equity Outstanding shares = 200 million Long-term debt = $1.2 billion Current free cash flow to the firm ( 0 ) = $450 million The analyst believes that the future growth of the companys free cash flow to the firm (FCFF) can be modelled with the second version of the three-stage model where the second stage follows a smooth, linear transition in the growth rate. The forecast growth rates in the first and third stages are as follows. Years 1 to 5: 25.0% annually Year 12 and thereafter: 1.5% annually Which of the following is not consistent with the analysts belief? Select one: a. The forecast growth rate of Year 10 is 8.2%. b. The forecast growth rate of Year 11 is 4.9%. c. The forecast growth rate of Year 9 is 9.3%. d. The forecast growth rate of Year 8 is 14.9%.