Excel Online Structured Activity: Adjusted Present Value Schwarzentraub Industries' expected free cash flow for the year is $600,000; in the future, free cash flow is expected to grow at a rate of 8%. The company currently has no debt, and its cost of equity is 12%. Its tax rate is 40%. (Hint: Use the equations mentioned below.) V = V + (D) (*w -+) TsL=rsu + rsu -ra D S a. Find Vu. Enter your answer in millions. For example, an answer of $1.21 million should be entered as 1.21, not 1,210,000. Do not round intermediate calculations. Round your answer to two decimal places. $ million b. Find VL if Schwarzentraub uses $6 million in debt with a cost of 6%. Use the APV model that allows for growth. Enter your answer in millions. For example, an answer of $1.21 million should be entered as 1.21, not 1,210,000. Do not round intermediate calculations. Round your answer to two decimal places. $ million Find rsl. Do not round intermediate calculations. Round your answer to one decimal place. % c. Based on Vy from part a, find VL using the MM model (with taxes) if Schwarzentraub uses $6 million in 6% debt. Enter your answer in millions. For example, an answer of $1.21 million should be entered as 1.21, not 1,210,000. Do not round intermediate calculations. Round your answer to two decimal places. $ million Find rsl. Do not round intermediate calculations. Round your answer to one decimal place. %