Both (a) and (b) answers are same, it is 228.2. I need how to solve with each method.

Based on the attached spreadsheet (loosely based on the APV example in class), compute the following with a 34% tax rate: (a) Firm value according to APV where the present value of the interest tax shield is computed using Pre-tax WACC, not the cost of debt. (10 points) (b) Firm value according to CCF. (10 points) The APV and CCF valuations will be identical. Note that depreciation, CAPEX, and change in NWC are all zero. Interest Paid $21.60 $19.10 $17.80 $16.70 $15.80 Free Cash Flows EBIT -Taxes = Unlevered Free Cash Flow $22.70 $7.72 $14.98 $29.80 $10.13 $19.67 $37.10 $12.61 $24.49 $40.10 $13.63 $26.47 $42.10 $14.31 $27.79 34% tax rate No depreciation, no CAPEX, no change in NWC Unlevered Cost of Equity Cost of Equity Cost of Debt Terminal Growth Rate 13.50% Pre-tax WACC or Return on Assets 24.00% 9.50% 0.00% Based on the attached spreadsheet (loosely based on the APV example in class), compute the following with a 34% tax rate: (a) Firm value according to APV where the present value of the interest tax shield is computed using Pre-tax WACC, not the cost of debt. (10 points) (b) Firm value according to CCF. (10 points) The APV and CCF valuations will be identical. Note that depreciation, CAPEX, and change in NWC are all zero. Interest Paid $21.60 $19.10 $17.80 $16.70 $15.80 Free Cash Flows EBIT -Taxes = Unlevered Free Cash Flow $22.70 $7.72 $14.98 $29.80 $10.13 $19.67 $37.10 $12.61 $24.49 $40.10 $13.63 $26.47 $42.10 $14.31 $27.79 34% tax rate No depreciation, no CAPEX, no change in NWC Unlevered Cost of Equity Cost of Equity Cost of Debt Terminal Growth Rate 13.50% Pre-tax WACC or Return on Assets 24.00% 9.50% 0.00%