1. Acumen Corp. had the following financial information for 2019, and they have projected the following rates for future growth and valuation multiples for equity:

2019 Total Assets	$8,000,000
2019 Net Income	$4,600,000
2019 Depreciation	$450,000
2019 Cash flow Plowback	$360,000
Shares outstanding	3,000,000
Net Income growth, 2020 2021	7.0%
Cash flow Plowback growth, 2020 2021	4.0%
Depreciation growth, 2020 2021	4.0%
Constant growth in FCFE beyond 2021	5.0%
Growth in Total Assets	6.0%
Risk-free rate	4.8%
Market risk premium	4.0%
Beta coefficient	0.80
Debt Ratio	40%
Equity value as a multiple of FCFE	32.0
Equity value as a multiple of book value	30.0

1. Estimate FCFE for Acumen Corp. from 2020 to 2021.
2. What is the appropriate discount rate to apply to the cash flows developed above?
3. What is the terminal value of Acumen stock in 2021, i.e., what is the 2021 value of the cash flows Acumen is expected to generate beyond 2021?
4. What is the intrinsic value of Acumen stock as of year-end 2019 using the DCF method?