Both questions please!

29) ABC had Net Operating Profit (before taxes and interest expense) of $1,000 MM; interest expense of $200 MM, a tax rate of 25%, and beginning of year long term operating assets of $4,000 MM; net working capital of $1,0000; and long term debt of $2,000. What was ABC's Return on Invested Capital for the year?

15%

20%

33.3%

25%

QUESTION 30

Microsoft decides to spin off its "Office" products into a separate division because they feel they are at a mature stage of growth. The new company's earnings and dividends are expected to grow at a constant rate of 3% per year. If the initial dividend for the end of the first year is $4 and the company's weighted average cost of capital is 8%, what is the fair value of the new company's stock?

$133.33

$50

$82.40

$100