interns who recently joined your firm on how to use the free cash flow model to estimate the value of a company. You have collected data on the following data: Year 2019 2020 2021 2022 2023 Long-term Debt ($M) 45000 46,000 47,333 48,667 50,000 Profits ($M, after tax) 10,000 15,000 17,333 19,667 22,000 Interest ($M, after tax) 878 897 923 949 975 Working Cap ($M) 8,000 10,000 14,333 18,667 23,000 Depreciation ($M) 25,000 26,000 27,000 28,000 29,000 Cap Spending ($M) 24,150 27,767 31,383 35,000 Cost of equity 0.113 0.111 0.110 0.109 WACC 0.096 0.096 0.097 0.098 Number of equity shares (Million) 2,000 Terminal growth rate 0.05 2 Using the information you have collected above, perform calculations to explain to interns as to how the following are calculated

: i. Free cash flow to firm

ii. Free cash to equity

iii. Value of the firm according to the free cash flow to firm method

iv. Value of the firm according to the free cash flow to equity method

v. Estimated price of an equity share according to the free cash flow to firm method and the free cash flow to equity method