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In 2020, Zip had earnings before interest and taxes of $6,200 million and had an effective tax rate of 35%. The price per share is

In 2020, Zip had earnings before interest and taxes of $6,200 million and had an effective tax rate of 35%. The price per share is $12 while the estimated market value of debt is $12,200 million. We assume that the firm will maintain a long term growth rate of 4%, and that reinvestment rate is 30% (useful for FCFF). The WACC is 6%. There are 200 million outstanding shares.What is the expected FCFF for 2021? (in millions)What is the value of the firm?

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