Problem 3: (20 points) The current free cash flow to equity, FCFE0, for ANP Inc. is $3.00 per share. ANP's FCFE is to start with a high growth rate of 25% which is expected to decline linearly to 6% by year 10 and be maintained at that level of 6% indefinitely, forever thereafter. The required rate of return for common equity is 12%. The company has debt with a market value of $100 million and preferred stock with a market value of $20 million. The number of common shares outstanding is 1 million shares. a) Draw a graph clearly illustrating the phases of FCFE growth rates. Identify the type of growth model. b) What is the estimated intrinsic value for ANP stock on a per-share basis? Show. clearly the valuation steps and your numerical calculations. c) What is the estimaled market capitalization for ANP stock? Show your work. Write legibly