b. On 30 June 2021 you obtained the following information for J Ltd: The estimated company cost of capital under an imputation system of tax to be applied to cash flows after tax is 10% (assuming the effective tax rate is 30%) The free cash flows before tax for the year ended 30 June 2021 are: . Cash receipts from operations Less cash payments from operations Less net cash flows investment activities Free Cash Hows before tax $543m $434m $.43m $166m The number of shares outstanding 231.46 million The net debt reported in the statement of financial position (balance sheet) is $141.5 million Federal treasury was forecasting economic growth after COVID-19 of 4.5% for the year ended 30 June 2022. Required: Assuming that the free cash flows of J Ltd are sustainable and are expected to grow perpetually at the current forecast long term nominal interest rate, estimate the value of each share. (6 marks) b) [Answer and show workings here) C ] Free cash flows after tax Value of firm using growth model Value of equity 1 Value of each share