Hastings estimates that if it acquires Vandells, interest payments will be $1,500,000 per year for 3 years, after which the current target capital structure of 30%debt will be maintained. Interest in thee fourth year will be $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 then $3.57, in years 1 unlevered value of Vandell to Hastings Corporation? Assume Vandell now has $10.82 million in debt.

Please solve using excel to show formulas (Answer is Po $41.54)