22a) Today is June 30, 2020. WhiteHill is considering entering a new market - for delivery drones. Doing so requires an initial investment in property plant and equipment of $653,786. The equipment was purchased earlier today. The equipment is being financed via a 3-year bank loan with equally-sized annual payments, using an annual interest rate of 6.03%. The equipment will be depreciated straight-line over five years using a half-year convention to a value of zero. The project will end after on December 31, 2023 at which time WhiteHill expects that the equipment to be sold for its market value of $126,296. Based on projected unit-sales of 2,000 drones between now and Dec 31, 2020, the project expects to generate $779,972 in revenue in the next six months. At this level of sales, for the next six months, COGS (for the drones only) is expected to be $343,930and SG&A (for the drones only) is expected to be $122,280. WhiteHill's tax rate is expected to be 26%. What is the CF from Operations in the first six months of the project?

22b)Blue Birds common stock does not currently pay a cash dividend, but you expect them to begin paying dividends 6 years from today. You expect that the first dividend will be $3.25 per share. Thereafter, you expect dividends will increase at an annual rate of 5% per year. Given it's risk, you've estimated the fair return on the stock to be 11.2% when measured as an effective annual rate. What do you expect the price of the stock to be immediately before the 7th dividend is paid? Provide an answer with at least 4 digits of precision.