IKEA is considering a new project which would last for 3 years. They have forecasted the following cash flows over the years

	Year 0	Year 1	Year 2	Year 3
Sales (Revenue)		150 000	200 000	250 000
- COGS (50% of sales)		75 000	100 000	125 000
- Depreciation		25 000	25 000	25 000
= EBIT		50 000	75 000	100 000
- Taxes (30%)		15 000	22 500	30 000
= Unlevered Net Income		35 000	52 500	70 000

Apart from the projections in the table above, IKEA also has capital expenditures (today) of 60 000, which will be depreciated straight-line over the three years of the project. They will also have to increase their investment in working capital by 7000 in year 1 and year 2. The entire working capital will be recovered in year 3. All values are in dollars and the cost of capital is 7% per year.

a. What is the NPV of the Free Cash Flows from IKEA's project? The NPV is $

b. Now assume that the Free Cash Flows of IKEA is as shown in the table below (ignore your answer in a. and the table above). Further assume that after year 3 the free cash flow will increase with the industry average of 1% per year. Use the cost of capital of 7% and the discounted free cash flow model to estimate IKEA's enterprise value.

Year	1	2	3
FCF (in $)	50 000	80 000	100 000

IKEA Value is $ million (answer in millions with two decimals; 2.79 and not 2 790 000).

c. Assume now that IKEA Enterprise Value today is $850 000. They have no excess cash, $100 000 in debt and 100 000 shares outstanding. Estimate their share price. Their share price is $ (answer with two decimals).