Dont need Q2A answer, Only need B & C thank you

2.) You are given the following information about Tjeldbergtind, a low cost airline. 2021 2020 2019 NOK million Interest expense Interest income 3,000 4,830 600 160 215 40 Earnings before tax (11,152) 6,744 9,537 Reported tax expense (950) 215 635 (Note that 2021 tax expense is negative. Dr deferred tax asset, Cr tax expense.) a) Determine, for 2020 and 2021, (i) the effective tax rate (ii) the tax benefit of debt (iii) tax attributable to operating income (iv) operating income after tax Assume that pre-tax operating income equals earnings before interest and tax. (6 marks) b) Currently Tjeldbergtind pays no dividends. Can you still use the dividend discount model or something similar to value the stock? Do not discuss discounted free cash flow methods in this part of the question. (2 marks) c) Explain, with a mathematical expression, the free cash flow to equity based valuation method. Explain how you would derive the cash flows used. (8 marks)