Estimating Share Value Using the ROPI Model Following are forecasted sales, NOPAT, and NOA for AT&T for 2019 through 2022 a. Forecast the terminal period values assuming a 2% terminal period growth rate. Round answers to the nearest dollar. Reported $ millions Sales NORAT NOA Terminal Period Forecast Horizon 2018 2019 2020 2021 2022 $170,755 $181.001 $191,861 $203,373 $215,576 20.895 22.082 23,407 24,812 26,300 $ 359.039 390.931 414,387 435,251 465,607 s b. Estimate the value of a share of AT&T common stock using the residual operating income (ROP) model as of December 31, 2018; assume a discount rate (WACC) of 5.7%, common shares outstanding of 7,281.6 million, net nonoperating obligations (NNO) of $175,155 million, and noncontrolling, interest (NC) from the balance sheet of $9,795 million. Rounding instructions: Use rounded answers for subsequent computations. Round answers to the nearest whole number unless otherwise noted (do not round shares outstanding). Round discount factor to 5 decimal places and stock price per share to two decimal places. Do not use negative signs with your answers. S millions ROFI INOFAT NO Bagl Discount factor [1/(1+r) [ Present value of horizon ROM Fresent value of horizon KOPI S Present value of terminal RCP) NOA Total firm value NNO NCI Firm equity value $ Shares outstanding Stock value per share $ Forecast Horizon Terminal 2019 2020 2021 2022 Period S $ $ S