a. Calculate the value of a share of Mackinac's common stock using the two-stage DDM. Show your calculations. [8 minutes] b. Calculate the value of a share of Mackinac's common stock using the two-stage FCFE model. Show your calculations. [8 minutes] Jones is discussing with a corporate client the possibility of that client acquiring a 70 percent interest in Mackinac. c. Discuss whether the dividend discount model (DDM) or free cash flow to equity (FCFE) model is more appropriate for this client's valuation purposes. [3 minutes]