13. Zero had a FCFF of $4.5M last year and has 2.25M shares outstanding. Zero's required return on equity is 12% and WACC is 10%. If FCFF is expected to grow at 8% forever, the intrinsic value of Zero's shares are ____________. The company has zero debt and no non-operating assets.

14. Boaters World is expected to have per share FCFE in year 1 of $1.65, per share FCFF in year 2 of $1.97, and per share FCFF in year 3 of $2.54. After year 3, per share FCFE is expected to grow at the rate of 8% per year. An appropriate discount rate for the stock is 11%. The stock should be worth _______ today. The company has zero debt and no non-operating assets.

15. The growth in per share FCFE of SYNK, Inc. is expected to be 8%/year for the next two years, followed by a growth rate of 4%/year for three years; after this five year period, the growth in per share FCFE is expected to be 3%/year, indefinitely. The required rate of return on SYNC, Inc. is 11%. Last year's per share FCFE was $2.75. What should the stock sell for today?