The following financial data was obtained from financial statements from Agnes Company.

Assume Agnes Company has a cost of equity of 8 percent and projects a terminal growth rate of 2 percent.
Required
1. Determine the free cash flow for Agnes Company for 2018-2022, and for the terminal year.
2. Use the free cash flow to equity computation to value the common equity of Agnes Company.

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Change In Net Issuance Change In Cash Cash Operating Year Dividends Cash Net Income Change Of Common Common From Cash Flow From In Debt Stock Equity Investing Operations 2018 $350 $195 $500 $20 $150 $50 $475 2019 350 235 505 20 155 70 495 2020 350 290 525 20 175 80 540 2021 400 270 575 25 175 50 595 2022 400 260 600 25 200 55 580 Terminal Year $400 $295 $612 $25 $212 $60. $610