Can I get help with the problem below? I was able to get one of the ranges, but I don't fully understand how to get the second value. Any help/feedback is much appreciated.

Indicate the range of possible prices that Hastings could bid for each share of Vandell common stock in an acquisition. Round your answers to the nearest cent. Do not round intermediate calculations. The bid for each share should range between $$ per share and $$ per share

Risk Free Rate 0.05

Proportion of debt 0.30

FCF Year 4 3.94

Risk Premium 0.05

Proportion of equity 0.70

FCF year 1 2.40

Beta 1.50

Interest payment (Y= 1,2,3) 1.60

FCF year 2 3.00

Debt interest Rate 7.30%

Interest payment (Y=4) 1.432

FCF year 3 3.40

Growth tax shield 0.04

Tax Rate 0.40

Debt 11.63

No of shares 1.00

Solution

Rsl 0.1250

Rsu 0.1094

Tax shield years 1-3 0.64

Tax shield year 4 0.57

Tax shield horizon value 8.58

Total tax shield 9.16

Total value of tax shield 7.61

Horizon value of unlevered operations 59.04

Total free cash flow 62.98

unlevered value of operations 48.67

Value of operations 56.28

Value of equity 44.65

Value of each share 44.65