Assume that today is December 31,2018 and that the following information applies to Vermeil Airlines: After-tax operating income [EBIT(1 T)] for 2019 is expected to be $437 million. The depreciation expense is expected to be $95 million. The capital expenditures are expected to be $217 million. No change is expected in net operating working capital. The free cash flow is expected to grow at a constant rate of 6% per year. The required return on equity is 13.8%.