Estimate the value of a firm with the following characteristics:

• Annual revenues are $775,000, cash expenses as a % of revenues of 20%, no depreciation expense, tax rate of 20%. These variables will not change over the projection period.
• The firm will earn after tax cash flows from operations for three more years.
• At the end of three years, the firm will be sold at a price estimated using a P/E ratio multiple of 15.
• The firm has shares outstanding of 10.
• The firms WACC is 10%.