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Use the following information to answer questions 11 through 13 An analyst uses the following summary balance sheets to value a firm at the end of 1999 (in millions of dollars): 1999 1998 Net operating assets 4,572 3,941 Net financial obligations 1,243 1,014 Common shareholders' equity 3,329 2,927 The analyst forecasts that the firm will earn a return on net operating assets (RNOA) of 12% in 2000 and a residual operating income of $91.4 million. What is the required retum for operations that the analyst is using in his residual operating income forecast? 12% 9.35% 10% none of the options is correct The analyst forecasts that the residual operating income in 2000 will continue as a perpetuity. What value of the equity does this imply? $3,329 million $4,243 million $4,091 million $3,420 million Using the required return for the operations calculated in question 11 and the value calculated in question 12, calculate the required return for the equity. The after-tax cost of debt is 6%. 13.48% 12.03% CD 11.59% 11.17%