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i only need c and D!!!! A group of investors is intent on purchasing a publicly traded company and wants to estimate the highest price

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A group of investors is intent on purchasing a publicly traded company and wants to estimate the highest price they can reasonably Justify paying. The target company's equity beta is 120 and its debt-to-firm value ratio, measured using market values, is 60 percent The investors plan to improve the target's cash flows and sell it for 12 times free cash flow in year five. Projected free cash flows and selling price are as follows. Year Free cash flows Selling price Total free cash flows ($ millions) 1 2 34 5 $34 $49 $54 $59 $ 59 $ 708 $34 $49 $54 $59 $767 To finance the purchase, the investors have negotiated a $490 million, five-year loan at 8 percent interest to be repaid in five equal payments at the end of each year, plus interest on the declining balance. This will be the only interest-bearing debt outstanding after the acquisition Selected Additional Information Tax rate 40 percent Risk-free interest rate 3 percent Market risk premium 5 percent a. Estimate the target firm's asset beta. (Round your answer to 2 decimal places.) Answer is complete and correct. Target firm's asset 0.48 b. Estimate the target's unlevered, or all-equity, cost of capital(KA). (Round your answer to 1 decimal place) Answer is complete and correct. Target's unlevered, or all-equity, cost of capital (KA) 5.4 % c. Estimate the target's all-equity present value (Enter your answer in millions rounded to 2 decimal places.) Answer is complete but not entirely correct. Target's all-equity present Value $ 736,25 million d. Estimate the present value of the interest tax shields on the acquisition debt discounted at KA (Round Intermediate calculations to 1 decimal place. Enter your answer in millions rounded to 2 decimal places.)

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