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 that 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 value of this firm:

1. Using the effective tax rate to estimate after-tax operating income
2. Using the marginal tax rate to estimate after-tax operating income
3. Using the effective tax rate for the next 3 years and the marginal tax rate in year 4