Assume Reported	Horizon Period
(In millions)	2011	2012	2013	2014	2015	Terminal Period
Sales	$40,023	$44,577	$49,650	$55,300	$61,592	$62,208
NOPAT	1,448	1,595	1,783	1,993	2,249	2,239
NOA	5,257	5,871	6,550	7,308	8,133	8,199

Answer the following requirements assuming a discount rate of 11%, a terminal period growth rate of 1%, common shares outstanding of 410.5 million, net nonoperating obligations of $774 million and noncontrolling interest (NCI) on the balance sheet of $690 million. (a) Estimate the value of a share of Best Buy common stock using the residual operating income model as of February 26, 2011. Rounding instructions: Round answers to the nearest whole number unless noted otherwise. Use your rounded answers for subsequent calculations.

	Assume Reported	Horizon Period
(In millions)	2011	2012	2013	2014	2015	Terminal Period
ROPI (NOPAT - [NOABeg rw])		Answer 0.00 points out of 1.00	Answer 0.00 points out of 1.00	Answer 0.00 points out of 1.00	Answer 0.00 points out of 1.00	Answer 0.00 points out of 1.00
Discount factor [1/(1+rw)t]	(round 5 decimal places)	Answer 0.00 points out of 1.00	Answer 0.00 points out of 1.00	Answer 0.00 points out of 1.00	Answer 0.00 points out of 1.00
Present value of horizon ROPI		Answer 0.00 points out of 1.00	Answer 0.00 points out of 1.00	Answer 0.00 points out of 1.00	Answer 0.00 points out of 1.00
Cumulative present value of horizon ROPI	$Answer 0.00 points out of 1.00
Present value of terminal ROPI	Answer 0.00 points out of 1.00
NOA	Answer 0.00 points out of 1.00
Total firm value	Answer 0.00 points out of 1.00
Less NNO	Answer 0.00 points out of 1.00
Less NCI	Answer 0.00 points out of 1.00
Firm equity value	$Answer 0.00 points out of 1.00
Shares outstanding (millions)	Answer 0.00 points out of 1.00	(round one decimal place)
Stock price per share	$Answer 0.00 points out of 1.00	(round two decimal places)