Medina Classic Furniture Inc is expected to experience growth in three district stages in the future. From is most recent financial statements, FCFF is R2.3 Million, the firm has 1 million shares in issue and debt worth R20 million in the form of 10% bonds. You do not expect the firm to alter its financing in the foreseeable future. The market return throughout the entire period is assumed to stay constant at 12%, whilst the risk - free rate will also stay constant at 40%. The tax rate is 30%. The following information has been compiled: High growth period: Duration = 3 years FCFF growth rate = 30% Company beta = 2 Transitional period: Duration = 3 years FCFE will decline by 9% per year down to the stable growth rate of 3%. Company beta = 1.38 Stable-growth period: FCFE growth rate = 3% company beta = 0.75 Calculate the value of the firm's stock using the FCFE model