Step $3$: Please determine the expected tax liabilities using the results of Step $1$ Part B$.$

Case $2(25$ Points$)$: Suppose the firm now can implement some risk management strategies to secure the gross income $($after COGS, other expenses and cost of doing risk management$)$ to be at the expected level that is $332$ million $($that is because $\frac{1}{2}(132)\frac{1}{2}(532)=332.$ Now

Step $1$: please determine the EBT $($Earning before Tax$).$

Step $2$: please determine the tax liabilities.

Step $3$: please determine the Net Cash Flow from year $0$ to $5.$

Year $012345$

Net Cash

Flow

Step $4$: Please use excel NPV function or PV function to determine the firm's value given $6\%$ interest rate.