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(e) Forecast Cisco's sales, NOPAT, and NOA for years 2017 through 2020 and the terminal period using the following assumptions: (12 points) Sales growth

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(e) Forecast Cisco's sales, NOPAT, and NOA for years 2017 through 2020 and the terminal period using the following assumptions: (12 points) Sales growth 2017 10% Sales growth 2018 8% Sales growth 2019 5% Sales growth 2020 4% Terminal growth Net operating profit margin Net operating asset turnover 1% 2016 rate rounded to three decimal places 2016 rate rounded to three decimal places Assume a discount rate (WACC) of 9%, common shares outstanding of 5,029 million, and net nonoperating obligations (NNO) of $(37,113) million (NNO is negative which means that Cisco has net nonoperating investments). 5

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