Assuming a 40% tax rate, what is the Threshold worth?(Note the "Profit (loss) from racing events"line in Exhibit 3 comes from Exhibit 2. Also, Exhibit 3 has some issues with terminology. The "Net Profit" line is not really profit. Moreover, it would be better to use "revenue" in place of "income". Also there is a major error in the choice of items to list under "Expenses". See if you can spot the error and correct it in your analysis. Your analysis will require use of the growing perpetuity/constant growth model in order to estimate a terminal value for your cash flows. Show your work in an excel document.