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Furniture Depot is a retail chain selling furniture and appliances. The firm has after-tax operating income of $250 million in the current year on revenues of S5 billion. The firm also has noncash working capital of $1 billion. The net capital expenditures this year of $100 million, and expects revenues, operating income and net capital expenditures to grow 5% a year forever. The firm's cost of capital is 9%.

a. Assume that noncash working capital remains at the existing percent of revenues, estimate the value of the firm.

b. Assume now that the firm is able to reduce its noncash working capital requirement by 50%. Estimate the effect on value of this change.

c. If as a consequence of this noncash working capital change, earnings growth declines to 4.75%, what would the effect on value be of the drop in noncash working capital?