I NEED THE ANSWER FOR C PLEASE

Gemco Jewelers earned $5 million in after-tax operating income in the most recent year. The firm also had capital expenditures of $4 million and depreciation of $2 million during the year, and the noncash working capital at the end of the year was $10 million.

a. Assuming that the firms operating income will grow 20 percent next year, and that all other items (capital expenditures, depreciation, and noncash working capital) will grow at the same rate, estimate the FCFF next year.

b. If the firm can grow at 20 percent for the next five years, estimate the present value of the FCFF over that period. You can assume a cost of capital of 12 percent.

c. After year five, the firms capital expenditures will decline to 125 percent of revenues, and the growth rate will drop to 5 percent (in both operating income and noncash working capital). In addition, the cost of capital will decline to 10 percent. Estimate the terminal value of the firm at the end of year five.