Following are forecasted sales, NOPAT, and NOA for AT&T for 2019 through 2022 Note: Complete the entire question in Excel and format each answer to two decimal places. Then enter the answers into the provided spaces below with two decimal places. a. Forecast the terminal period values assuming the following terminal period growth rate. Assumption Terminal period growth rate 2% $ millions 2018 Reported Forecast Horizon Period 2019 2021 Sales $170,756 NOPAT NOA 20,895 369,039 22,082 23,407 24,812 26,300 390,931 414,387 439,251 465,607 Terminal 2020 Period $181,001 $191,861 $203,373 $215,576 $ 219,887.52 26,826.27 492,433 2022 b. Estimate the value of a share of AT&T common stock using the discounted cash flow (DCF) model as of December 31, 2018 using the following assumptions and the information above. Assumptions Discount rate (WACC) Common shares outstanding 5.70% 7,281.6 million Net nonoperating obligations (NNO) $175,155 million Noncontrolling interest ($ millions) Increase in NOA FCFF (NOPAT - Increase in NOA) Present value of horizon FCFF Cum. present value of horizon FCFF $ Present value of terminal FCFF Total firm value Less (plus) NNO Less NCI Firm equity value Shares outstanding (millions) Stock price per share $ $ $9,795 million Reported Forecast Horizon 2018 2019 $ Terminal 2020 2021 2022 Period $ $ $ $