$**$ONLY NEED HELP $O$N PART D:

Sora Industries has $66$ million outstanding shares, $$129$ million in debt, $$55$ million in cash, and the following projected

free cash flow for the next four years:

a$.$ Suppose Sora's revenue and free cash flow are expected to grow at a $3\mathrm{.}4\%$ rate beyond year four. If Sora's weighted

average cost of capital is $10\mathrm{.}0\%,$ what is the value of Sora stock based on this information?

b$.$ Sora's cost of goods sold was assumed to be $67\%$ of sales. If its cost of goods sold is actually $70\%$ of sales, how would

the estimate of the stock's value change?

c$.$ Return to the assumptions of part $($a$)$ and suppose Sora can maintain its cost of goods sold at $67\%$ of sales. However,

the firm reduces its selling, general, and administrative expenses from $20\%$ of sales to $16\%$ of sales. What stock price

would you estimate now? $($Assume no other expenses, except taxes, are affected.$)$

d$.$ Sora's net working capital needs were estimated to be $18\%$ of sales $($their current level in year zero$).$ If Sora can reduce

this requirement to $12\%$ of sales starting in year $1,$ but all other assumptions are as in $($a$),$ what stock price do you

estimate for Sora? $($Hint: This change will have the largest impact on Sora's free cash flow in year $1.$