ONLY DO PART B$,$ THAT IS THE PART I NEED!!Traver$-$Dunlap Corporation's has a $15\%$ weighted average cost of capital $($WACC$).$ Its most recent sales were $$980$ million and its total net operating capital is $$970$ million. The following shows estimates of the forecasted growth rates, operating profitability ratios, and capital requirement ratios for the next three years. All of these ratios are expected to remain constant after the third year. Use this information to answer the following questions.

Estimated Data for Traver$-$Dunlap Corporation

Forecast

$123$

Annual sales growth rate $20\%6\%6\%$

Operating profitability $($NOPAT$/$Sales$)12\%10\%10\%$

Capital requirement $($OpCap$/$Sales$)80\%80\%80\%$

Tax rate $35\%35\%35\%$

a$.$ Use the data to forecast sales, net operating profit after taxes $($NOPAT$),$ total net operating capital $($OpCap$),$ free cash flow $($FCF$),$ growth rate in FCF$,$ and return on invested capital $($ROIC$)$ for the next three years. What is the FCF growth rate for Year $3$ and how does it compare with the growth rate in sales? What is the ROIC for Year $3$ and how does it compare with the $15\%$ WACC?

Current Forecast Year

$0123$

Sales $$980$ $$1,176\mathrm{.}00$ $$1,246\mathrm{.}56$ $$1,321\mathrm{.}35$

Net operating profit after taxes $$141\mathrm{.}12$ $$124\mathrm{.}66$ $$132\mathrm{.}14$

Total net operating capital $$970$ $$940\mathrm{.}80$ $$997\mathrm{.}25$ $$1,057\mathrm{.}08$

FCF $=$ NOPAT $$ Investment in OpCap $$170\mathrm{.}32$ $$68\mathrm{.}21$ $$72\mathrm{.}30$

Growth in FCF $-60\%6\mathrm{.}0\%$

ROIC $=$ NOPAT$/$OpCap $15\mathrm{.}00\%12\mathrm{.}50\%12\mathrm{.}50\%$

b$.$ What is the value of operations at Year $3,$ Vop,$3?$ What is the current value of operations, Vop,$0?$ How does the value of operations at Year $0$ compare with the total net operating capital at Year $3,$ and what might explain this relationship?

Free cash flow at beginning of the constant growth phase $($FCF$3)=$ $$0\mathrm{.}060$

Weighted average cost of capital $($WACC$)=15\mathrm{.}00\%$

Constant growth rate $($gL$)=6\%$

HV$3=$ Vop, $3=$ $$0\mathrm{.}707$

Present value of HV $=$

Present value of free cash flows $=$

Total value of operations at Year $0,$ Vop, $0=$