An analyst produces the following set of forecasts for company E: Year t+1 Year t+2 Year t+3 Net profit 100 120 60 Ending book value of net assets 1,030 1,060 1,000 Ending book value of net debt 720 740 800 At the end of yeart company E's book values of net assets and net debt are 1,000 and 700, respectively. The analyst expects that after year t+3, company E will reach a competitive equilibrium, i. will earn zero abnormal earnings. Company E's cost of equity is 10 percent. Under these assumptions, the analyst's estimate of company E's equity value at the end of yeart is An analyst produces the following set of forecasts for company F: Year t+1 Year t+2 Year t+3 Net profit 100 100 100 Dividend payout ratio 50% 50% 50% At the end of yeart, the book value of company F's equity is 500. Company F has no debt and its cost of equity is 10 percent. The analyst expects thatin and after year t+4, company F will earn abnormal earnings on the sales it had in year t+3, but earn zero abnormal earnings on incremental sales beyond that level. Under these assumptions, the analyst's estimate of company F's equity value at the end of yeart is