Assumptions NOPAT in current year 0 1100 NOPAT growth 10% Capital use in current year 0 100 Growth in capital use 10% Forecast period (in years) 5 NOPAT growth in perpetuity 0% Risk-Free Rate 3.5% Beta 1.2 Expected return on the market 8% Credit Spread 1% Market value of equity 15000 Market value of debt 2500 Marginal Tax Rate 30% Shares outstanding 1000