Jcoin is a start-up company with a cost of equity capital of 10% per annum.

It is 100% equity financed. Assume for simplicity that it pays no taxes.

It is now the end of 2021. It is predicted that Jcoins sales revenue will be

GBP () 400,000 in the year 2022, and that sales growth rates in 2023 to 2027

will be as follows:

Year	2023	2024	2025	2026	2027
Sales growth (%)	50%	40%	25%	10%	4%

Assume that operating expenses always equal 50% of sales; and that, starting at 80,000 in year 2021, net operating working capital always equals 20% of the following years sales.

The carrying amount of net non-current operating assets (in 000) will be as follows:

End of year	2021	2022	2023	2024	2025	2026
Net non-current operating assets	2,000	2,100	2,200	2,300	2,400	2,500

a) Calculate JCoins expected free cash flow to equity (FCFE) in 2022 to 2026.

(5 marks)