(b) At the end of the year 2014 the CKL Corporation had operating free cash flow (OFCF) of BDT500,000 and shares outstanding of 100,000. Total debt is currently BDT10,000,000. The company projects the following annual growth rates in OFCF: Year 2015 2016 2017 2018 2019 2020 2021 2022 Growth Rate 25% 20% 15% 10% 12% 14% 16% 18% From year 2023 onward growth in OFCF is expected to remain constant at 6% per year. The stock has a beta of 1.75 and the current market price is BDT87. Currently the yield on 10-year Treasury notes is 5% and the equity risk premium is 4%. The firm can raise debt at a pre-tax cost of 10%. The tax rate is 25%. The proportion of equity is 60% and the proportion of debt is 40%. Calculate the intrinsic value of the stock at the end of year 2014. Aggota