Bayani Bakery's most recent FCF was $49 million; the FCF is expected to grow at a constant rate of 6%. The firm's WACC is 13% and it has 15 million shares of common stock outstanding. The firm has $30 million in short-term investments, which it plans to liquidate and distribute to common shareholders via a stock repurchase; the firm has no other nonoperating assets. It has $366 million in debt and $61 million in preferred stock.

a) What is the value of operations? Enter your answer in millions. For example, an answer of $1.2 million should be entered as 1.2, not 1,200,000. Round your answer to two decimal places. $_______ million

b) Immediately prior to the repurchase, what is the intrinsic value of equity?Enter your answer in millions. For example, an answer of $1.2 million should be entered as 1.2, not 1,200,000. Round your answer to two decimal places. $_______ million

c) Immediately prior to the repurchase, what is the intrinsic stock price? Round your answer to the nearest cent. $_______ per share

d) How many shares will be repurchased? Round your answer to the nearest whole number.

________ shares e) How many shares will remain after the repurchase? Round your answer to the nearest whole number. _______ shares

f) Immediately after the repurchase, what is the intrinsic value of equity? Round your answer to the nearest dollar. $________ g) The intrinsic stock price? $________ per share Round your answer to two decimal places.