Hastings estimate that if it acquires Vandell, interest payments will be $1,500,000 per year 3 years, after which the current target capital structure of 30% debt will be maintained. Interest in the fourth yeatr will b $1.472 million, after which interest and the tax shield will grow at 5%. Synergies will cause the free cash flows to be $2.5 million, $2.9 million, $3.4 million, and $3.57 million in years 1 through 4, respectively, after which the free cash flows will grow at a 5% rate. What is the per share value of Vandell to Hastings Corporation? Assume that Vandell now has $10.82 million in debt. ** Please show me how to calculate in Excel, especially the Tax Shield and Cash Flows. Thanks

Expected Growth	5%
Beta	1.4
Value of Debt	$10,820,000
Outstanding Shares	1,000,000
Interest for Years 1-3	$1,500,000
Interest in Year 4	$1,472,000
Growth of Interest Tax Shield	5%
Capital Structure Debt	30%
Debt Interest Rate	8%
Risk Free Rate	5%
Market Risk Rate	6%
Tax Rate	40%
Cost of Equity	13.40%
After Tax Cost of Debt	8.00%
WACC	11.7800%