ABC Ltd, a construction company, earned $7 million in after-tax operating income in the most recent year. The firm also had capital expenditures (ie fixed cost investment) of $4 million and depreciation of $2 million during the year, and the noncash working capital at the end of the year was $10 million. Assume that ABC Ltd has $15 million in outstanding debt. a) Assuming that the firms operating income will grow 20 percent next year, and that all other items (capital expenditures, depreciation, and noncash working capital) will grow at the same rate, estimate the FCFF next year. b) Similarly, if the firm can grow at 20 percent for the next five years, estimate the present value of the FCFF for each year over that period. You can assume a cost of capital of 12 percent. As an option, you may use a table to answer this question. c) After year five, the firms capital expenditures will decline to 50 percent of revenues, and the growth rate will drop to 5 percent (in operating income, depreciation, and noncash working capital). In addition, the cost of capital will decline to 10 percent. Estimate the terminal value of the firm at the end of year five. d) Estimate the total value of the firm. e) Estimate the value of equity in the firm. (2 points) f) If the firm has 5 million shares outstanding, estimate the value of equity per share.