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Assumptions Discount rate (calculated in answer to Question 1) 8.00% Terminal value $41,335 Free cash ow projection Calculations End onearO Year1 Year2 Year3 Year4 Year5

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Assumptions Discount rate (calculated in answer to Question 1) 8.00% Terminal value $41,335 Free cash ow projection Calculations End onearO Year1 Year2 Year3 Year4 Year5 Free cash flow $300 $1,448 $965 $808 $1,948 Present value of FCF $2?8 $1,241 $766 $594 $1,326 Sum of FCF PV $4,205 Terminal value $41,335 Present value of terminal value I $28,132 _| Total value of PDI $32,337 54205 + 5 26.132

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