5. Refer to the table containing a company's financial statements below:

5. Refer to the table containing a company's financial statements below: Year ending 30-Jun-18 Number of shares on issue 4,344,335 Cash $6,089,256 Company tax rate 30.00% Other assets $84,947,093 Weighted average cost of capital 12.31% per annum Debt and liabilities $25,155,653 Growth rate in FCFs from 2022 5.74% per annum Equity (book value) $65,880,696 Growth Year ending 30-Jun-18 rate 30-Jun-19 30-Jun-20 30-Jun-21 30-Jun-22 Sales revenue $71,687,735 3.10% $73,910,055 $76,201,266 $78,563,506 $80,998,974 Operating expenses $40,219,592 2.70% $41,305,521 $42,420,770 $43,566,131 $44,742,416 Depreciation $24,135,494 4.00% $25,100,914 $26,104,950 $27,149,148 $28,235,114 EBIT $7,332,649 $7,503,620 $7,675,546 $7,848,227 $8,021,444 Interest paid $3,675,178 8.10% $3,972,867 $4,294,670 $4,642,538 $5,018,583 Tax payable $1,097,241 $1,059,226 $1,014,263 $961,707 $900,858 Net income $2,560,230 $2,471,527 $2,366,614 $2,243,982 $2,102,002 Capital expenditure $9,245,312 6.00% $9,800,031 $10,388,033 $11,011,315 $11,671,993 Increase in working capital $2,735,756 2.50% $2,804,150 $2,874,254 $2,946,110 $3,019,763 (a) Work out last year's (year ending 30 June 2018) free cash flows and the projected free cash flows (30 June 2019 - 30 June 2022) from these extracts from the company's financial statements. (3 marks] (b) Work out the Terminal Value of the free cash flows in 30 June 2021, using constant growth rate from 2022. (2 marks) (c) Work out the enterprise value from the free cash flows and the terminal value. (2 marks) (d) Display the value per share of the equity in this company. (2 marks) (e) Recalculate the value per share, based on mid-year discounting (with a nominal conversion of the annual discount rate) of the free cash flows. (1 mark)