Micheal Jr. Company has provided the following data for their finances in the following 2 years, from this data, prepare the following

(assume tax rate is 35%. Capital expenditures for both years are equal to 5% of sales. Depreciation for all years is 3% of sales, and change in net working capital of the company is 1% of sales for every year)

Projected cash flows

Terminal value

Net cash flow

Discounted cash flows (assume a 25% discount rate)

Finally, determine the total present value of the Micheal Jr. company

Income Statements	2013	2014
Revenue	41,777,645	47,732,291
Cost of sale (with Depreciation)	(18,673,898)	(22,815,286)
Operating costs	(5,161,746)	(5,434,879)
General Admin. Costs	(1,049,938)	(1,209,991)
New employments	(1,577,676)	(1,777,111)
Marketing and advertising	(3,377,127)	(3,924,781)
Income (before taxes)	11,937,260	12,570,243
Taxes	4,178,041	4,399,585
Net Profit	7,759,219	8,170,657

Show all your work clearly.