GE is a manufacturer of high-quality gear with a good customer base that is willing to pay premiums over competing firms prices to purchase the product. As of 12/31/2023, GE has working capital worth of 450 and fixed assets with a book value of 1,500. The market value of the fixed assets is about 4,000. GE had sales of 4,000 in 2023 and is expecting higher sales in 2024. COGS typically runs about 65 cents on a dollar of sales. SG&A expense is typically 15 cents on a dollar of sales and is expected to total 700 in 2024. Depreciation expense is included in both COGS and SG&A. In 2024, GE plans to invest $50 in long-term assets. Furthermore, in 2024 they also plan to invest $50 in WC. In addition, as part of the financing plan for 2024, GE plans to increase excess cash by $225 (note that all cash at GE is considered excess cash). As of the end of 2023, GE had bonds outstanding with a book value of $2,000. The book value of the bonds is lower than the market value of the bonds. GE had no other debt at the end of 2024. The bonds are of various maturities and have an average yield/interest rate of 7%. GE has promised and expects to pay its bondholders a total of $200 in coupon payments in 2024. In addition, some of GEs bonds mature in 2024 and require face value payments totaling $300, in addition to the coupon payments. No other payments are due or expected to be made to bondholders in 2024. The beta of the GE bonds is 0.12. GE has 1,000 shares of common stock outstanding and no other forms of equity. The beta of GE equity is 1.22. The beta of GE's entire ticket stack (i.e., the firm beta) is 1.0. The market risk premium is 0.05 and the risk-free rate is 0.05. Next year, GE plans to pay dividends of $250 to its stockholders and to repurchase $200 worth of common shares. No other payments to equity holders are expected. The common share price on 12/31/2023 price is $15 Please answer the following questions.

a. How much FCF does GE expect to generate in 2024?

b. What is the expected sales growth for 2024?

c. What is the discount rate for GE's equity?

d. What is the expected return on GE's debt in 2025?

e. Suppose that GE'S future FCF will grow at a rate of 0% in the years after 2024. How much are the expected future FCFs of GE worth to the capital market as of 12/31/2023?

f. What is the ratio of debt-to-equity in market value terms at GE?

g. How many shares does GE plan to repurchase in 2024, based on the current share value? h. Is GE profitable in an economic sense? Why or why not?

i. Is GE generating value for shareholders? What is the dollar amount of this value as of the end of 2023? j. Is the value you computed in part i) different from the GE equity value? Why or why not?