For the next $4$ questions, you have been tasked with building a stand$-$alone DCF valuation for Graham Holdings $($GHC$),$ a publicly$-$traded company, using the unlevered $($two$-$stage$)$ approach.

You have collected the data found in this file: GHC Free Cashflow Buildup.

Using the data from the $$GHC Free Cashflow Buildup$$ workbook, calculate $2016$ normalized, unlevered free cash flows. Assume the tax rate $=2016$ tax expense $/$ pretax income.