EWA Industries has a competitive advantage in making high$-$quality whitewater rafting equipment. As a start$-$up they expect to have zero FCF for the next two years. EWA expects FCF in year $3$ of $125$ and EBIT of $150.$ In years $4$ and $5,$ EWA expects EBIT and FCF to grow by $10\%.$ In years $6-10,$ they expect growth in EBIT and FCF to be $5\%.$ After year $10,$ EWA expects FCF to grow at $3\%.$ Furthermore, EWA expects that after year $10,$ EBIT will be equal FCF$.$ Suppose that the discount rate on software start$-$ups is $12\%.$ The interest rate on long$-$term government bonds is $5\%.$ The inflation rate is $3\%.$ The discount rate on AAA corporate bonds is $7\%.$ The discount rate on firms with the same risk as EWA is $11\mathrm{.}5\%.$ The discount rate for the average public company is $10\%.$ EWA has no debt. Please answer the following: a$.$ What is the expected EBIT for EWA in year $10?$ b$.$ How much net investment $($i$.$e$.,$ investments in working capital plus investments in CAPEX net of depreciation expense$)$ is EWA expecting in year $9?$ c$.$ How much net investment is EWA expecting in year $11?$ d$.$ What is the expected FCF for year $7?$ e$.$ What is the most you would pay to buy EWA$$s ticket stack? f$.$ What is the value of EWA$$s equity in a capital market?