Please answer BOTH questions!

Declining FCF Growth Valuation

Brushy Mountain Mining Company's coal reserves are being depleted, so its sales are falling. Also, environmental costs increase each year, so its costs are rising. As a result, the company's free cash flows are declining at the constant rate of 6% per year. If its current free cash flow (FCF₀) is $3 million and its weighted average cost of capital (WACC) is 17%, what is the estimated value of Brushy Mountain's value of operations? Do not round intermediate calculations. Enter your answer in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answer to two decimal places.

$ ________ million

Constant Dividend Growth Rate, g_L

Muller's Investigative Services has stock trading at $60 per share. The stock is expected to have a year-end dividend of $6 per share (D₁ = $6), and it is expected to grow at some constant rate, g_L, throughout time. The stock's required rate of return is 15% (assume the market is in equilibrium with the required return equal to the expected return). What is your forecast of g_L? Do not round intermediate calculations. Round the answer to two decimal places.

________%