Hastings Corporation is interested in acquiring Vandell Corporation. Vandell has $1$ million shares outstanding and a target capital structure consisting of $30\%$ debt; its beta is $1\mathrm{.}50($given its target capital structure$).$ Vandell's debt interest rate is $7\%.$ Assume that the risk$-$free rate of interest is $5\%$ and the market risk premium is $7\%.$ Both Vandell and Hastings face a $30\%$ tax rate.Hastings Corporation estimates that if it acquires Vandell Corporation, synergies will cause Vandells free cash flows to be $$2\mathrm{.}3$ million, $$3\mathrm{.}1$ million, $$3\mathrm{.}3$ million, and $$3\mathrm{.}82$ million at Years $1$ through $4,$ respectively, after which the free cash flows will grow at a constant $4\%$ rate. Hastings plans to assume Vandells $$11\mathrm{.}02$ million in debt and raise additional debt financing at the time of the acquisition. Hastings estimates that interest payments will be $$1\mathrm{.}6$ million each year for Years $1,2,$ and $3.$ Suppose Hastings will increase Vandells level of debt at Year $3$ to $$27\mathrm{.}8$ million so that the target capital structure becomes $45\%$ debt. Assume that with this higher level of debt, the interest rate would be $8\mathrm{.}5\%,$ and assume that interest payments in Year $4$ are based on the new debt level at Year $3$ and the $8\mathrm{.}5\%$ interest rate. The Year $4$ interest expense is expected to grow at $4\%$ after Year $4.$

$1.$

What is the Year $4$ interest expense? What is the Year $4$ tax shield? Do not round intermediate calculations. Enter your answers in millions. For example, an answer of $$1\mathrm{.}23$ million should be entered as $1\mathrm{.}23,$ not $1,230,000.$ Round your answers to two decimal places.

$2.$

What is the unlevered value of operations? What is the value of the tax shield? Do not round intermediate calculations. Enter your answers in millions. For example, an answer of $$1\mathrm{.}23$ million should be entered as $1\mathrm{.}23,$ not $1,230,000.$ Round your answers to two decimal places.

$3.$

What is the maximum price per share that Hastings would bid for Vandell? Do not round intermediate calculations. Round your answer to the nearest cent.