BTC company has the following forecasts for the next three years: 2023 2024 2025 COGS 500,000 600,000 700,000 Salary Expense 25,000 30,000 45,000 Depreciation 30,000 45,000 55,000 EBIT 250,000 275,000 300,000 Investment in Operating Assets 50,000 30,000 20,000 *some of the information in the table will not be used in your calculation The firm's debt has a current market value of $500,000 and it has $30,000 non-operating assets. There are 100,000 common shares outstanding. The expected tax rate is 40%, and the WACC is estimated to be 10%. a. Calculate the free cash flow for each of the next three years. (10 marks) b. After 2025 free cash flow growth is expected to slow to 5% per year permanently. What is the value of the stock today? (15 marks)