1. The company is expected to pay out 5 EUR as dividends, next year. What is the fundamentally correct value for the company stock if the dividends are expected to grow 3.0% a year and the required return of stock investors is 13%.

(Please round up your answer to the nearest full number. For example answer 80.213 should be presented as 80)

2. What is the cash conversion cycle (CCC) for a firm with days in receivables period of 20 days, a days in payables period of 45 days, and days in inventory period of 10 days?

3.

Manufacturing company borrows 8 million euros from the bank to fight the consequences of the corona virus. The repayment schedule is based on an annuity. The interest rate is 8% and the loan is paid back with 6 annual payments.

Question:

* What is the loan balance immediately the first loan payment is made?