Consider the following forecasts for 2015-2019 of the Future Cash Flows, EBITDA and Future Interest Tax Shield for Firm X if the expansion were not to occur. Assume that the EBITDA Multiple is 5.0.

Assume a discount factor of 10% for the Free Cash Flows and the Continuation Value, and 7% for the Interest Tax Shield.

Firm Value	2015	2016	2017	2018	2019
Free Cash Flow of Firm	3,638	6,862	7,116	7,373	7,629
EBITDA					20,044
Interest Tax Shield	28	28	28	28	28

What is the Present Value (at December 2014) of the Interest Tax Shield forecast of Firm X if the firm where not to do the expansion?

		a)85
		b)95
		c)105
	d)	115