Total (30 Points). Please complete the following table.
	Forecast Year	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027
	Sales growth rate	9.39%	8.31%	8.42%	7.60%	6.80%	6.00%	5.30%	4.50%	3.80%	3.00%
	NOPAT margin	9.89%	10.49%	11.09%	10.50%	9.90%	9.30%	8.70%	8.10%	7.60%	7.00%
	Beginning net operating working/sales	10.60%	9.60%	8.60%	8.60%	8.60%	8.60%	8.60%	8.60%	8.60%	8.60%
	Beginning net operating long-term assets/sales	58.10%	57.00%	55.70%	55.70%	55.70%	55.70%	55.70%	55.70%	55.70%	55.70%
	Beginning net debt to captial ratio	57.20%	57.20%	57.20%	57.20%	57.20%	57.20%	57.20%	57.20%	57.20%	57.20%
	After-tax cost of debt	1.50%	1.70%	1.90%	2.10%	2.30%	2.50%	2.50%	2.50%	2.50%	2.50%
(6 Points)	Beginning Balance Sheet
Beg net working capital	23191.95
+ Beg net long term assets	127118.15
= net operating assets	150310.10
(6 Points)	Net Debt	85977.38
+Preferred stock (Assume zero for all the years)	0.00
+ Shareholders' equity	64332.72
= Net Capital	150310.10
(6 Points)	Income Statement
Sales	218792.00
Net operating profits after tax	21645.97
-Net interes expese after tax	1289.66
= Net Income	20356.31
- Preferred dividends (Assume 0 for all the years)	0.00
= Net Income to common	20356.31
(6 Points)	Operating return on assets	14.40%
Return on common equity	31.64%
Book value of assets growth rate	5.00%
Book value of common equity growth rate	5.00%
Net operatin asset turnover	1.46
( 6 Points)	Cash Flow Data
Net income	20356.31
-Change in net working capital	-23191.95
-Change in net long-term assets	-127118.15
+ Change in net debt	-85977.38
=Free cash flow to equity	84689.03
Net operating profit after tax	21645.97
-Change in net working capital	-23191.95
-change in net long term assets	-127118.15
= Free cash flow to capital	171956.07