please show work, please answer both questions

QUESTION 12

Nachman Industries just paid a dividend of $2.20 per share. Analysts expect the company's dividend to grow by 15% this year, by 10% in Year 2, and at a constant rate of 5% in Year 3 and thereafter. The required return on this low-risk stock is 12.00%. What is the best estimate of the stocks current market value?

QUESTION 13

Ryan Enterprises forecasts the free cash flows (in millions) shown below. The weighted average cost of capital is 14.0%, and the FCFs are expected to continue growing at a 6.0% rate after Year 3. The company has $100 million of long-term debt and preferred stock, and it has 30 million shares of common stock outstanding. What is the firm's estimated intrinsic value per share of common stock?

Year	1	2	3
FCF	$25.0	$35.0	$55.0