1. A Discounted Cash Flow Valuation of Free Cash Flows: ($M) At the end of 2015, you forecast the following cash flows ($M) for a firm with net debt of $750 million: 2015 2016 2017E 2018E Cash Flows Operations $1,300 1,400 $1,600 Cash Investment 850 950 1,200 You forecast that free cash flow will grow at a rate of 3% after 2018. Use a required return of 9% in answering the following questions. (a) Calculate the firm's Enterprise Value (LABELS) (b) Calculate the value of Equity at the end of 2015: (c) Calculate the value per share assuming 500M shares are outstanding