1. Consider the information provided in the following table. Using the additional information provided at the bottom, calculate the value of the firm using FCFF method. [15]

Year	2019	2020	2021	2022	2023	2024	2025
Total Assets	10000
Fixed Assets	8000
Current assets	2000
Debt	4000
Equity	5000
Current liabilities	1000
Sales	15000
Operating expenses	12000
EBIT	3000
Int	400
PBT	2600
Tax(25%)	650
PAT	1950

1. For first five years, growth rate is sales in 5% and from sixth year onwards it is 3%
2. The asset turnover ratio remains constant
3. The total debt to total asset ratio remains constant
4. The depreciation rate is 25% and is already included in the operating expenses
5. The ratio of operating expenses to sales remains constant
6. The ratio of fixed assets to total assets remains constant
7. The cost of capital for this firm is 15%
8. The current ratio remains constant
9. If you feel that some information is not provided, make some assumptions and write your assumptions in bold letters