It is December 2020. Google has offered to buy your internet startup. The Google negotiators and you both agree on the following expectations.

Year	Expected cash flow from assets (end of year)
2021	120,000
2022	180,000
2023	270,000
2024	360,000
2025	450,000

After 2025, cash flows are expected to grow by 5% per year. Based on the riskiness of your industry, you think that your weighted average cost of capital is 12%.

You have bank loans worth $400,000 outstanding.

Part 1

What is the terminal value, i.e., the present value of all free cash flows from 2026 to infinity expressed in 2025-dollars?

Part 2

What is the total value of the company?

Part 3

What is the value per share of common stock if you have 100,000 shares outstanding?