Conglomerate Inc is a company in two different businesses. In the most recent year, the firm reported the following breakdown of key operating items

(in millions):

	Technology	Hotels
Sales	1,000	2,000
EBIT	400	200
Growth rate (g)	15%	4%

The company has 200 million shares outstanding, and faces a tax rate of 25%. It has a cash balance of $300 million and Debt of $1 billion.

Regressions for the two sectors show:

Technology: Enterprise value/Sales = 1.3 + 0.5*(EBIT/Sales) + 12.0*g

Hotels: Enterprise value/EBIT = 3.3 + 42.5*(EBIT/Sales) + 30.0*g

(All percentages are entered as decimals in the regression. Thus, 15% would be 0.15)

i. Estimate the value of equity per share in Conglomerate Inc.

ii. Conglomerate Inc is trading at $24/share. Other things remaining unchanged, what growth rate for Technology business will justify the price?