A free cash flow model for enterprise value using annual cash flows is shown below. Which of the following statements are

supported by this formula? Pick all that apply.

a$)$ The $"$x$"$ exponent on the green $"(1+$wacc$)"$ term is equal to $N.$

b$)$ This firm is forecasting a $100\%$ retention ratio after year $N.$

c$)$ The blue FCF number in the equation could be written as the year N$+1$ FCF or the year N$+2$ FCF$.$ It wouldn't matter for the

calculation.

d$)$ The $"$x$"$ exponent on the green $"(1+$wacc$)"$ term is equal to $N+1.$

e$)$ This firm is forecasting a $100\%$ payout ratio after year $N.$