You are valuing GenFlex, a small manufacturing firm, which reported paying taxes of $12.5 million on taxable income of $50 million and reinvesting $15 million in the most recent year. The firm has no debt outstanding, the cost of capital is 11%, and the marginal tax rate for the firm is 35%. Assuming that the firm's earnings and reinvestment are expected to grow 10% a year for three years and 5% a year forever after that, estimate the free cash flow to the firm for year one to year four; a, Using the effective tax rate to estimate aftertax operating income. b. Using the marginal tax rate to estimate after-tax operating income. c. Using the effective tax rate for the nest three years and the marginal tax rate in the year 4.