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The following are excerpts from a company's balance sheet and income statement. Included also are important rates that apply to the company.
Randall-Hecho, Incorporated: Income Statement Projection	0 (Year Just Ended)	1	2	3	4	5
Profits	$24,630,542	$25,000,000	$28,125,000	$30,234,375	$32,501,953	$34,939,600
Shares Outstanding	2,500,000	2,400,000	2,400,000	2,300,000	2,300,000	2,200,000
Earnings Per Share	$9.85	$10.42	$11.72	$13.15	$14.13	$15.88
Interest Payments (Pre-Tax)	$500,000	$500,000	$500,000	$500,000	$500,000	$500,000
Randall-Hecho, Incorporated: Balance Sheet Projections	0	1	2	3	4	5
Working Capital	$4,315,000	$4,250,000	$4,500,000	$4,750,000	$4,750,000	$4,850,000
Capital Spending	$9,574,815	$10,000,000	$12,000,000	$12,000,000	$13,500,000	$12,000,000
Depreciation	$8,745,329	$8,500,000	$8,600,000	$8,750,000	$8,500,000	$8,250,000
Long-Term Debt	$10,416,667	$10,416,667	$10,416,667	$10,416,667	$10,416,667	$10,416,667
Randall-Hecho, Incorporated: Rates	Rates
Interest Rate on Debt	0.06
Corporate Tax Rate	0.200
Sustainable Growth Rate	0.010
Weighted Average Cost of Capital	0.095
Required:
Using the information in the tables above, please make the necessary cash flow calculations. Then use these projections to determine the intrinsic value of the firm, the equity value, and the stock price per share.
Randall-Hecho, Incorporated: Cash Flow Calculations	1	2	3	4	5	Terminal Value
Changes in Working Capital
After-Tax Interest Payments
Free Cash Flow to the Firm
Randall-Hecho, Incorporated: Firm and Equity Value
Present Value of Free Cash Flow to the Firm (Intrinsic Value)
Equity Value
Price Per Share