part c only

2. See AAPL's Condensed Consolidated Balance Sheet as of 7/1/23 at the end of the exam. On 6/30/23 AAPL was trading for $194 per share and there were 15.775 million shares outstanding. a. Using the information provided, according to the market what was AAPL's Enterprise Value? (\$ million) (5 pts) c. AAPL's annualized Free Cash Flow for the year just ended is $100 billion and is expected to be $110B next year, $120B the year after that, and after that the FCF is expected to grow by 5.75% per year forever and ever. The opportunity cost of capital for investing in a company with Apple's risk is 9.5%. The $100M just earned is not needed since it is already reflected in the balance sheet. What do you estimate AAPL's Enterprise Value to be? (\$ million; Fill out only as many periods on the timeline as necessary to complete the problem, and show the formulas you used) (10 pts) Apple Inc. CONDENSED CONSOUDATED BALANCE SHEET (Unaudited) (lin millions, except number of shores which are reflected in thousands) July 1, 2023 ASSETS Current assets: Cash, cash equivalents, and marketable securities Accounts receivable, net Inventories Other current assets Total current assets $166,54319,5497,35133,277122,659 Non-current assets: Property, plant and equipment, net Other non-current assets Total non-current assets Total assets 43,55064,768212,379 S 335,038 UABIUTIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable Other current liabilities Deferred revenue Short term debt Total current liabilities \begin{tabular}{r} $46,699 \\ 58,897 \\ 8,158 \\ 3,993 \\ \hline 124,963 \end{tabular} Non-current liabilities: Long Term debt (including current portions) Other non-current liabilities Total non-current liabilities Total liabilities 105,28751,730149,801 Total shareholders' equity Total liabilities and shareholders' equity 274,764 $335.03860,274