Hastings Corporation is interested in acquiring Vandell Corporation. Hastings Corporation estimates that if it acquires Vandell Corporation, synergies will cause Vandell's free cash flows to be $$2\mathrm{.}6$ million, $$3\mathrm{.}2$ million, $$3\mathrm{.}5$ million, and $$3\mathrm{.}79$ million at Years $1$ through $4,$ respectively, after which the free cash flows will grow at a constant $5\%$ rate. Hastings plans to assume Vandell's $$8\mathrm{.}61$ million in debt $($which has a $7\mathrm{.}8\%$ interest rate$)$ and raise additional debt financing at the time of the acquisition. Hastings estimates that interest payments will be $$1\mathrm{.}5$ million each year for Years $1,2,$ and $3.$ After Year $3,$ a target capital structure of $30\%$ debt will be maintained. Interest at Year $4$ will be $$1\mathrm{.}482$ million, after which the interest and the tax shield will grow at $5\%.$ Vandell currently has $1\mathrm{.}5$ million shares outstanding and a target capital structure consisting of $30\%$ debt; its current beta is $1\mathrm{.}10($i$.$e$.,$ based on its target capital structure$).$ Vandell and Hastings each have a $25\%$ combined federal$-$plus$-$state tax rate. The risk$-$free rate is $6\%$ and the market risk premium is $5\%.$ Questions: a$.$ What is Vandell's pre$-$acquisition levered cost of equity? What is its unlevered cost of equity?

b$.$ What is the intrinsic unlevered value of operations at t $=0($assuming the synergies are realized$)?$

C$.$ What is the value of the tax shields at t $=0?$

d$.$ What is the total intrinsic value of operations at t $=0?$