B. As a business valuation expert, you have been also assigned the project to value Entermusic Company, a manufacturer of guitars, other musical instruments, and consumer and professional electronics. The table that follows gives the firm's estimated free cash flows to equity (FCFE) and the earnings per share (EPS) for the next 4 years. Entermusic has no debt or working capital needs. The current beta of the firm is 1.6 but it is expected to drop to 1.2 after Year 4. The firm expects its earnings per share and its net capital expenditures to grow 5% per year after Year 4 . The debt ratio will remain 0%, the T-bond rate is constant at 7% for the period and the market risk premium is 5%. i. Estimate the terminal value of equity per share at Year 4. (5 marks) ii. Estimate the value per share today