Following are forecasted sales, NOPAT, and NOA for AT&T for 2019 through 2022 a. Forecast the terminal period values assuming a 2% terminal period growth rate. Round answers to the nearest dollar. Reported NOA Forecast Horizon $ millions 2018 2019 2020 2021 2022 Sales $170,756 $181,001 $191,861 $203,373 $215,576 $ NOPAT 20,895 22,082 23,407 24,812 26,300 $ 369,039 390,931 414,387 439,251 465,607 $ Terminal Period 219,887.52 26,826.27 474,919 b. Estimate the value of a share of AT&T common stock using the residual operating income (ROPI) model as of December 31, 2018; assume a discount rate (WACC) of 5.7%, common shares outstanding of 7,281.6 million, net nonoperating obligations (NNO) of $175,155 million, and noncontrolling interest (NCI) from the balance sheet of $9,795 million. Rounding instructions: Use rounded answers for subsequent computations. Round answers to the nearest whole number unless otherwise noted (do not round shares outstanding). Round discount factor to 5 decimal places and stock price per share to two decimal places. Do not use negative signs with your answers. Forecast Horizon Terminal $ millions 2019 2020 2021 2022 Period ROPI (NOPAT - [NOABeg rw]) Discount factor [1 / (1 + rw)t] Present value of horizon ROPI Present value of horizon ROPI Present value of terminal ROPI NOA $ 1,047 0.94607 990 $ 1,124 $ 0.89506 1,192 0.84679 $ 1,263 $ 287 1,006 1,009 0.80112 1,012 $ 4,017 6,207 X 369,039 Total firm value 377,943 x NNO 175,155 NCI $ 9,795 Firm equity value $ 192,993 x Shares outstanding 7,281.6 Stock value per share $ 27 x