Use the information below from Birch Tree Corporation to answer the following questions:

a$.$ The cash account includes only required cash. Determine the dollar amount of equity

valuation cash flow for the years below.

b$.$ Investors in Birch Tree Corporation want to estimate the venture's present value at the

end of $2021.$ Forecasted financial statements reflect the stepping stone year. Cash flows

are expected to grow at a perpetual $8\%$ annual rate beginning in $2023.$ Assume that all

cash is required cash as was done in a$.$ What is the Birch Tree Corporation venture's

present value if investors want an annual rate of return of $25\%?$