1. Standard, Inc. reported EBIT of $57.00 million for last year. Depreciation expense totaled $20 million and capital expenditures came to $7 million. The company increased net working capital by $2 million. Free cash flow is expected to grow at a rate of 5.30% for the foreseeable future. Standard faces a 40% tax rate and has a 0.40 debt to equity ratio with $200 million (market value) in debt outstanding. Standard's equity beta is 1.24, the risk-free rate is currently 5% and the market risk premium is estimated to be 6%. What is the current value (in millions) of Standard's equity?

2. Wilson's Furniture is experiencing good growth so has decided to commence paying dividends starting next year. The first dividend will be $1.82 a share with annual increases of 5 percent in the dividend amount. The discount rate is 14 percent. What will the value of this stock be five years from now? (do not round up intermediate calculation; round up final answer to two decimal places)