Hoda Inc. owns 25% of the common shares of Willard Corp. The other 75% of the shares are owned by the Willard family. Hoda acquired the shares eight years ago through a financing transaction. Each year, Hoda has received a dividend from Willard. Willard has been in business for 60 years and continues to have strong operations and cash flows. Hoda must determine the fair value of this investment at its year end. Since there is no market on which the shares are traded, Hoda must use a discounted cash flow model to determine fair value. Hoda Inc. owns 25% of the common shares of Willard Corp. The other 75% of the shares are owned by the Willard family. Hoda acquired the shares eight years ago through a financing transaction. Each year, Hoda has received a dividend from Willard. Willard has been in business for 60 years and continues to have strong operations and cash flows. Hoda must determine the fair value of this investment at its year end. Since there is no market on which the shares are traded, Hoda must use a discounted cash flow model to determine fair value. Instructions Identify some of the items Hoda will need to consider in determining the fair value of the investment. 5 marks Instructions Calculate the fair value of the investment in Willard using the traditional approach with (1) factor Tables PV.1 and PV.2. or (2) Excel Calculate the fair value of the investment in Willard using the expected cash flow approach with (1) factor Tables PV.1 and PV.2. or (2) Excel Instructions In this case, which discounted cash flow model is the best? Why