1. Cell Phone Inc. is a cellular firm that reported net income of $50 million in the most recent financial year. The firm reported an interest expenses of $150 million in the most recent financial year. The firm had depreciation of $100 million for the year and capital expenditures were 200% of depreciation. The firm has a cost of capital of 11%. Assuming that there is no working capital requirement and a constant growth rate of 4% in perpetuity, estimate the value of the firm (tax rate is 50% )