9. Tiki Taka Analysts is preparing an investment summary for a client interested in a fast-growing chip manufacturer. The company has a WACC of 13% and Tiki Taka projects the free cash flows (FCF's) over the next 3 years as follows: Free Cash Flows Year 1 $20 millions Year 2 $30 millions Year 3 $40 millions After 3 years FCF is expected to grow at a constant 7% rate, a What is the chip manufacturer's terminal, or horizon, value? (3) b. What is the chip manufacturer's current value of operations? (3) Tiki Taka estimates the chip manufacturer's has $10 million in marketable securities, $100 million in debt, and 10 million shares of stock. What is the intrinsic price per share? (4)