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You have been asked to value Astra Monika, a Biopharmaceutical company and have come up with the following inputs. Base Year Information (2020) Earnings before interest and taxes in 2020 =$600 million - Capital expenditures in 2020 = $120 million Depreciation in 2020 = $100 million - Revenues in 2020 = $6,000 million Working capital as percent of revenues = 20% Tax rate = 40% . . High-Growth Phase Length of high-growth phase = 5 years Expected growth rate in FCFF=15% Beta = 1.30 Cost of debt = 8% (pre-tax) Debt ratio = 30% Risk-free rate = 7% Market Risk Premium (MRP) = 6% ok Air Stable-Growth Phase Expected growth rate in FCFF= 3% Beta = 1.5 Cost of debt =7% (pre-tax) Debt ratio = 25% Risk-free rate = 7% Market Risk Premium (MRP) = 6% - 37 of 40 What is your estimate to the appropriate discount rate during stable-growth period? O A 15.87% OB. 14.63% O C. 14.15% OD. 12.23% O E. None of the above Unsure