J$.$ What is the horizon value at Year $4?$ What is the total net operating capital at Year $4?$ Which is

larger, and what can explain the difference? What is the value of operations at Year $0?$ How does the

Year$-0$ value of operations compare with the Year$-0$ total net operating capital?

Formula :

$HVt=FCFt\frac{1+gL}{W}$ACC$-gL$

Please help with formulas.