PART II. Work out the following problems. Show your computations for a partial credit. The following data belongs to Delta Co. Projected free cash flows (FCF): Year 1 FCF=-$10 million. Year 2 FCF = $20 million. Year 3 FCF = $35 million FCF grows at constant rate of 5% after year 3. WACC = 11% Short-term investments = $100 million Debt = $200 million Preferred stock = $50 million Number of shares =n = 10 million = = Calculate 1. Value of Operations 2. Total Value of Company 3. Estimated Intrinsic Value of Equity 4. Estimated Intrinsic Stock Price per Share 5. PV of Horizon Value