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Financial Smart is an asset management company. Financial Smart had net operating assets of $1,450 million at the end of 2021. The following forecasts were made by analysts for Financial Smart (in millions of dollars): 2021A 2022E 2023E Operating income (OI) Net operating assets (NOA) Net financial obligations (NFO) 1,450 500 300 1,500 500 350 1,600 500 Financial Smart had 900 million shares outstanding. The required return for operations is 7 percent. At the end of 2021, Financial Smart traded at $7.00 per share. REQUIRED: (a) Forecast residual operating income (Reol) for years 2022 and 2023. (4 marks) (b) Value the equity of Financial Smart with a forecast that the residual earnings will grow at the GDP growth rate of 2 percent per year after 2023 (14 marks) (c) Given the analysts' forecasts and the market price, $7.00 per share, is the market forecasting a long-term growth rate higher or lower than the GDP growth rate? (2 marks)