Below are a target's free cash flow projections and it's projections of interest expense from debt. The target's expect constant growth rate is 6%. It's unlevered cost of capital is 11.56%. The tax rate is 40%. Use this information to calculate 1) The unlevered value of the target 2) the value of the tax savings from interest expense and 3) the value of the target's operations. tax rate 0.4 unlevered cost of capital 0.1156 constant growth rate for terminal 0.06 cash flows 0 YEAR FCF interest expense 1 11.7 5 2 10.5 6.5 3 16.5 6.5 4 20.7 7 5 21.94 8.16