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10% 5% Growth Rate in Year 1-4 Growth Rate after Year 4 Discount rate in Year 1-4 Discount rate after Year 4 13% 10% Time

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10% 5% Growth Rate in Year 1-4 Growth Rate after Year 4 Discount rate in Year 1-4 Discount rate after Year 4 13% 10% Time Year 1 Year Year 2 3 Year 4 Year 5 CF 20 22 24.2 PV 1-4 $68.03 TV 4 PV(TV 4) Total 100 Debt value Equity value

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