Brandtly Industries invests a large sum of money in R&D; as a result, it retains and reinvests all of its earnings. In other words, Brandtly does not pay any dividends, and it has

no plans to pay dividends in the near future. A major pension fund is interested in purchasing Brandtly's stock. The pension fund manager has estimated Brandtly's free cash

flows for the next $4$ years as follows: $$4$ million, $$7$ million, $$10$ million, and $$13$ million. After the fourth year, free cash flow is projected to grow at a constant $3\%.$ Brandtly

WACC is $15\%,$ the market value of its debt and preferred stock totals $$52$ million, the firm has $$13$ million in nonoperating assets, and it has $11$ million shares of common stock

outstanding.

a$.$ What is the present value of the free cash flows projected during the next $4$ years? Do not round intermediate calculations. Round your answer to the nearest dollar.

Write out vour answers completely. For example, $13$ million should be entered as $13,000,000.$

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b$.$ What is the firm's horizon, or continuing, value? Round your answer to the nearest dollar. Write out your answers completely. For example, $13$ million should be entered

as $13,000,000.$

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c$.$ What is the market value of the company's operations? Do not round intermediate calculations. Round your answer to the nearest dollar. Write out your answers

completely. For example, $13$ million should be entered as $13,000,000.$

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What is the firm's total market value today? Do not round intermediate calculations. Round your answer to the nearest dollar. Write out your answers completely. For

example, $13$ million should be entered as $13,000,000.$

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d$.$ What is an estimate of Brandtly's price per share? Do not round intermediate calculations. Round your answer to the nearest cent.