1. Carlyle Inc. forecasts the free cash flows (in millions) shown below. If the weighted average cost of capital is 10% and the free cash flows are expected to continue growing at 4% after year 3 what is the time zero value of operations, in millions? The balance sheet shows $20 million of short-term investments that are unrelated to operations, $50 million of accounts payable, $90 million of notes payable, $30 million of long-term debt, $40 million of preferred stock, and $100 million of common equity. The company has 10 million shares of stock outstanding. What is the best estimate of the stock