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1. Erickson Inc., a large telecommunications company, is evaluating the possible acquisition of Plexus Corp., a leading manufacturer of memory cards. Erickson's analysts project the following post-merger data for Plexus (in thousands of dollars, with a year end of December 31): 2019A 2020 2021 2022 2023 2024 Net sales $450 $518 $555 $600 $643 Selling and administrative expense 45 53 60 68 73 Interest 40 45 47 52 54 Total net operating capital $800 $850 $930 $1,005 $1,075 $1,150 Tax rate before and after merger: 35% Cost of goods sold as a percent of sales: 65% Plexus's pre-merger beta: 1.93 Risk-free rate: 1% Market risk premium: 6% Terminal growth rate of free cash flows: 7% Current capital structure includes 30% debt with a pre-tax cost of interest of 10%. Value of tax shields = PV of tax shields and the PV of the terminal value of the tax shields at Rd. The unlevered value of operations = PV of the FCFs and the PV of the unlevered horizon value at Rsu. The cash flows for both are summarized below: 2020 2021 2022 2023 2024 1. Tax shield 2. TSTV 3. Sum of TS & TV 4. FCF 5. FCF TV 6. Sum of FCF & TV The NPV of the TS yearly values and terminal value (shown in row 3) when discounted at _% is $_, which is the value of the tax shields. The NPV of the FCF yearly values and terminal value (shown in row 6) is $__ which is the unlevered value of operations. The sum of the value of the tax shields and the unlevered value of operations is the value of operations: $_ = $ + $ Less the value of debt, $ is the value of equity: $ -$ = $ million