7) How long is the typical DCF projection period?

	a.	3 years
	b.	5 years
	c.	1 year
	d.	30 years

6) Which of the following is the most appropriate market risk premium to use in the calculation of cost of equity?

	a.	0% - 1%
	b.	2% - 3%
	c.	10% +
	d.	6% - 7%

4) Calculate the (increase) / decrease in net working capital from 2012 to 2013 based on the following assumptions. PLEASE NOTE THAT AN INCREASE IN NET WORKING CAPITAL IS PRESENTED WITH PARENTHESES AS ($XX.XX) AND A DECREASE IN NET WORKING CAPITAL IS PRESENTED WITHOUT PARENTHESES AS $XX.XX.

($ in millions) 2012 2013

Accounts Receivable $325.0 $350.0 Inventories $200.0 $210.0 Prepaid Expenses and Other $ 35.0 $ 45.0 Accounts Payable $300.0 $315.0 Accrued Liabilities $150.0 $160.0 Other Current Liabilities $ 60.0 $ 65.0

	a.	($10.0) million
	b.	$15.0 million
	c.	($15.0) million
	d.	$10.0 million