If you can please show work not on excel or atleast the formulas of how you got the answer. Thank you!

When a stock is going through a period of nonconstant growth for T periods, followed by constant growth forever, the residual income model can be modified as follows: P0=t=1T(1+k)tE1St+Bt1Bt+(1+k)TPT where PT=BT+kgEPST(1+g)BTk Al's infrared Sandwich Company had a book value of $12.95 at the beginning of the year, and the earnings per share for the past year was $3.41. Molly Miller, a research analyst at Miller, Moore \& Associates, estimates that the book value and earnings per share will grow at 12.5 and 11 percent per year for the next four years, respectively. After four years, the growth rate is expected to be 6 percent. Molly believes the required return for the company is 8.2 percent. What is the value per share for Al's Infrared Sandwich Company? (Do not round intermediate calculations. Round your answer to 2 decimal places.) You have been tasked with using the FCF model to value Julie's Jewelry Co. After your initial review, you find that Julie's has a reported equity beta of 11, a debt-to-equity ratio of 5 , and a tax rate of 21 percent. In addition, market conditions suggest a risk-free rate of 3 percent and a market risk premium of 7 percent. If Julie's had FCF last year of $47.5 million and has current debt outstanding of $120 million, find the value of Julie's equity assuming a 2 percent growth rate in FCF. (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.) When a stock is going through a period of nonconstant growth for T periods, followed by constant growth forever, the residual income model can be modified as follows: P0=t=1T(1+k)tE1St+Bt1Bt+(1+k)TPT where PT=BT+kgEPST(1+g)BTk Al's infrared Sandwich Company had a book value of $12.95 at the beginning of the year, and the earnings per share for the past year was $3.41. Molly Miller, a research analyst at Miller, Moore \& Associates, estimates that the book value and earnings per share will grow at 12.5 and 11 percent per year for the next four years, respectively. After four years, the growth rate is expected to be 6 percent. Molly believes the required return for the company is 8.2 percent. What is the value per share for Al's Infrared Sandwich Company? (Do not round intermediate calculations. Round your answer to 2 decimal places.) You have been tasked with using the FCF model to value Julie's Jewelry Co. After your initial review, you find that Julie's has a reported equity beta of 11, a debt-to-equity ratio of 5 , and a tax rate of 21 percent. In addition, market conditions suggest a risk-free rate of 3 percent and a market risk premium of 7 percent. If Julie's had FCF last year of $47.5 million and has current debt outstanding of $120 million, find the value of Julie's equity assuming a 2 percent growth rate in FCF. (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)