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Panda Industries Inc. has $2,942,811 in preferred equity and its outstanding debt has a value of $3,488,054. The firm's WACC is 10.04%. Use the DCF

Panda Industries Inc. has $2,942,811 in preferred equity and its outstanding debt has a value of $3,488,054.

The firm's WACC is 10.04%. Use the DCF valuation model with the expected FCFs shown below; year 1

represents one year from today and so on. The company expects to grow at a 3.6% rate after Year 5.

Rounding to the nearest penny, what is the value of common equity?

Peri Free Cash Flow
Year 1 $1,167,687
Year 2 $1,360,353
Year 3 $1,839,925
Year 4 $2,706,969
Year 5 $3,527,853

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