Free cash flow to equity last year was $4 million.

It grew by 20% in the current year; it is expected to grow at a 15% rate annually for the next five years, and then assume a more normal 4% growth rate thereafter.

The firms cost of equity is 10% during the high growth period and then drops to 8% during the normal growth period.

What is the present value of the firm to equity investors (equity value)?

If the market value of the firms debt is $10 million, what is the present value of the firm (enterprise value)?