For 2023, Volant Inc. is forecast to have Free Cash Flow to the Firm of $1.8 million and Free Cash Flow to Common Equity of $1.6 million. You forecast Free Cash Flow to the Firm to grow at a constant rate of 3.50% while Free Cash Flow to Common Equity grows at 4.00%. Volants tax rate is forecast to be 25%. You also estimate Volants Weighted Cost of Capital to be 5.80% and the Rate of Return on its common stock to be 7.00% and collect the data shown below.

Book Value Market Value Debt $14.5 million $15.0 million Common Equity $21.0 million $45.0 million A. Using the information, calculate the intrinsic value of Volants common equity using Free Cash Flow to the Firm. Answer in millions and round to one decimal. IV:

B. Using the information in question 29, calculate the intrinsic value of Volants common equity using Free Cash Flow to Common Equity. Round to 2 decimals. IV: