INPUTS (In Millions)	Year
	Current			Projected
	0			1	2	3	4
Free cash flow				-$20.0	$20.0	$90.0	$97.2
Marketable securities	$	70
Notes payable	$	160
Long-term bonds	$	640
Preferred stock	$	80
WACC		12.00	%
Number of shares of stock		25

1. Calculate the estimated horizon value (i.e., the value of operations at the end of the forecast period immediately after the Year-4 free cash flow). Assume growth becomes constant after Year 3. Enter your answer in millions. For example, an answer of $1.23 million should be entered as 1.23, not 1,230,000. Round your answer to two decimal places.

2. Calculate the present value of the horizon value, the present value of the free cash flows, and the estimated Year-0 value of operations. Enter your answers in millions. For example, an answer of $1.23 million should be entered as 1.23, not 1,230,000. Round your answers to two decimal places.

   Present value of HV
   Present value of FCF
   Value of operations

3. Calculate the estimated Year-0 price per share of common equity. Round your answer to the nearest cent.