a. Auto Parts Depot, Inc. (APD) has never paid a dividend. Its most recent free cash flow of $800,000 is expected to grow at a constant rate of 7%. The weighted average cost of capital is WACC=12%. Calculate APD's estimated value of operations. b. Chef Supply, Inc. (CSI) has $350 million in total debt, $100 million in short-term investments and $70 million in preferred stock. There are 20 million shares of common stock outstanding. An analyst calculated that CSI's value of operations is $900 million. What is the estimated intrinsic stock price per share? C. Burdick Racing Co. has preferred stock with an annual dividend of $9.00 per share. The preferred shares sell for $115. What is the stock's required rate of return? (Show your answer to four decimal places)