Please answer the questions in details with a clear answer. If you dont know the answer please DO NOT ANSWER. Thank you!

2. Given the assumptions, forecast the FCFF for the next two years. Fill out the blanks and write down the formula step by step. (6 points) Assumptions (1) revenue growth is 20% (2) COGS is a constant percentage of Revenues (3) Capital Expenditure (starting from Year 1) is 20% of the revenue increase (4) ignore the depreciation and working capital (5) t: tax rate is 30% 2 2 Base year 10,000 4,000 1 12,000 Year Revenues COGS EBIT EBIT (1-1) Capital Expenditure FCFF 15000