4) An analyst produces the following set of forecasts for company D: NOPAT Ending book value of net assets Yeart+1 250 800 Yeart+2 220 860 Yeart+3 100 800 At the end of year t, the book value of company D's net assets is 900 and the market value of its net debt is 300. The analyst expects that after year t+3 NOPAT will be 0 and the book value of net assets will remain constant (i.e., at its year t+3 level). Company D's WACC is 8 percent. Under these assumptions, the analyst's estimate of company D's equity value at the end of yeart is