1. The following are projected free cash flows to equity for the that is expected to be in high growth for the next 3 years. The firm's beta is also expected to change over the 3-year period Year Expected Growth Rate Beta Revenues EPS (Cap Ex - Deprec'n (1-DR) Change in WC (1 - DR) FCFE $ S S S S 1 12% 1.5 22.40 $ 2.24 $ 0.90$ 0.36 $ 0.98S 2 10% 1.3 24.64 $ 2.46 $ 0.75 S 0.33 $ 1.38 S 3 8% 11 26.61 2.66 0.60 0.29 1.77 4 6% 1.0 $28.21 $2.82 S0.45 S0.24 $2.13 Assume that after year 3, the beta will stay at 1.00, and that the growth rate will remain 6% forever. The riskfiss rate is 5%, and you can assume a risk premium of 5.5%. a Estimate the price at the end of the third year. b. Estimate the value per share today