Estimating Share Value Using the ROPI Model Following are forecasts of Target Corporation's sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of January 30, 2016. Reported Terminal Horizon Period $ millions 2016 2017 2018 2019 2020 Period Sales $74,118 $75,600 $77,112 $78,654 $80,227 $81,029 NOPAT 3,335 3,402 3,470 3,539 3,610 3,646 NOA 22,235 22,680 23,134 23,596 24,068 24,309 Answer the following requirement assuming a terminal period growth rate of 1%, a discount rate (WACC) of 6%, common shares outstanding of 602 million, and net nonoperating obligations (NNO) of $8,488 million. Estimate the value of a share of Target common stock using the residual operating income (ROPI) model as of January 30, 2016.