A company reported the following numbers for the most recent fiscal year:

Revenues	$3,000
EBITDA	$650
DA (Depreciation)	$150
EBIT	$500
- Interest Expenses	$50
Taxable Income	$450
Taxes	$135
Net Income	$315
Payout	$157.5

During the year, the company reported capital expenditures of $250 and an increase in net working capital of $40. The tax rate is 30%. Assume that we know the following: The companys FCF will grow at 8% per year for the next five years. The companys current cost of capital is 12%, which will stay at that level for the next 5 years. The company maintains a stable dividend policy, i.e., its payout ratio stays the same for all future years. At the end of year 5, the company is expected to become a mature business, facing a cost of capital of 8% (mature company levels). It will also maintain a constant debt-to-equity ratio (sustainable growth). At the end of year 5, the company is expected to have an ROE of 4%, and an ROA of 3%.

Assume also for simplicity that all cash flows are nominal and risky, and they occur at the end of the periods.

What is the FCF at year 3? [ Select ] ["$265", "$314", "$245", "None of the above", "$277"]

Estimate the companys terminal value at the end of year 5 from future FCFs. [ Select ] ["None of the above", "3,161", "2,990", "5,284", "4,861"]