1. Given the following data: FCF₁ = $20 million; FCF₂ = $40 million; FCF₃ = $50 million; free cash flow grows at a rate of 4% for year 4 and beyond. If the weighted average cost of capital is 12%, calculate the value of the firm.

2. A firm is financed with 30% debt and 70% common equity. Its debt beta is 0.6 and equity beta is 1.6. What is the firm's asset beta?

3. A firm has zero debt in its capital structure. Its overall cost of capital is 13%. The firm is considering a new capital structure with 20% debt. The interest rate on the debt would be 5%. What is its cost of equity with the new capital structure?

4. A firm is financed with 30% debt, 60% common equity, and 10% preferred equity. The before-tax cost of debt is 5%, the firm's cost of common equity is 15%, and that of preferred equity is 12%. The tax rate is 21%. What is the firm's weighted average cost of capital?