Derry Corp. is expected to have an EBIT$$of $$2\mathrm{.}1$ million next year. Increases in depreciation, the increase in net working$$capital$,$ and capital spending are expected to be $$165,000,$ $$80,000,$ and $$120,000,$respectively$.$ All are expected to grow at $18$ percent per year for four years. The company$$currently has $$10\mathrm{.}4$ million in debt and $750,000$ shares outstanding. After Year$5,$ the adjusted cash flow from assets is expected to grow at $3$ percent indefinitely. The company$$s WACC is $8\mathrm{.}5$ percent and the tax rate is $21$ percent. What is the price$$per share of the company$$s stock?

Input Area:

EBIT $$2,100,000$

Depreciation $$165,000$

Change in NWC $$80,000$

Capital spending $$120,000$

Increase per year $$

EBIT $18\%$

Depreciation $18\%$

Change in NWC $18\%$

Capital spending $18\%$

Value of debt $$10,400,000$

Shares outstanding $750,000$

Terminal growth rate $3\%$

WACC $8\mathrm{.}50\%$

Tax rate $21\%$

$($Use cells A$6$ to B$19$ from the given information to complete this question. You must use the built$-$in Excel function to answer this question.$)$

Output Area:

$$ Year $1$ Year $2$ Year $3$ Year $4$ Year $5$

EBIT $$2,100,000$ $$2,478,000$ $$2,924,040$ $$3,450,367$ $$4,071,433$

Depreciation $165,000194,700229,746271,100319,898$

Taxes$*441,000520,380614,048724,577855,001$

Capital spending $120,000141,600167,088197,164232,653$

Change in NWC $80,00094,400111,392131,443155,102$

ACFA $$

Year $6$ ACFA $$

Terminal value $$68,730,000\mathrm{.}00$

Company value $$

Value of equity $$

Price per share