On January 1, 2016, an analyst prepares the following forecasts for MIDDLE INC.: 2016 2017 2018 2019 Net Profit | 40.00 million 48.00 million 52.80 million 54.38 million Dividend 16.00 million 24.00 million 45.36 million 46.72 million MIDDLE INC.'s cost of equity equals 10 percent. E. (10p.) Calculate the analyst's expected market value of equity for MIDDLE INC. on January 1, 2016 under the terminal value (as of 2020) assumption that incremental sales do not provide abnormal earnings (i.e., zero percent sales growth). F. (5p.) Calculate the analyst's expected market value of equity for MIDDLE INC. on January 1, 2016 if the analyst estimates that the company's abnormal earnings growth for 2020 and beyond equals 3 percent annually