1.Tiara Wings Ltd is a firm that makes Tiaras and chicken wings.The firm has projected its future growth in the table below. The firm has a required Return on Equity of 15% and WACC of 12%.The long-run growth rate after year 5 is 4%.The firm has $5 million in debt at a 5.55% interest rate and 865,000 shares of common stock outstanding.The accounting statement is in thousands of dollars. Assuming that the projections are correct, compute the stock price per share using:

a) the WACC/FCF method (answer is 16.16 per share)

b) the Flow-to-Equity method