please help me understand how to answer part d, I had to ask a-c in other questions because I didnt understand how to answer them:

Chapter . 12 Problem . Start with the partial model in the file Ch 1 2 PYT Build a Medal List on the textbook's Web site , which contains Henley Corporation's most recent financial statements . Use the following ratios and other selected information for the current and projected years to answer the next questions . Income Statement for the Year Ending December 31 ( Millions of Dollars! 2010 Not Sales Costs ( except depreciation !* Depreciation 60. 0 Total operating costs 6:36. 0 Earning before int . & tax $ 16:40 Loss interest 32.0 Earning before taxes 132.0 Taxes (40%/6 ) 52. 8 Not income before prof . div . 79. 2 Preferred div . Net income avail . for com . div . TT. ` Common dividends 31 . 1 Addition to retained earnings 46. 7 Number of shares ( in millions ) 10 Dividends per share $ 3.11 Balance Sheets for December 31 ( Millions of Dollars ! Assets 2016 Liabilities and Equity 2016 Cash 5. &. D Accounts Payable 5 16. 0 Short - term investments 20.0 Notes payable 40. 0 Accounts receivable Accruals 40. 0 5 Inventories 160. 0 Total current liabilities 96. 0 Total current assets 26.6. 0 Long-term bonds 3:00. 0 Not plant and equipment 6.00. 0 Preferred stock 15. 0 Total Assets | Far plus FILI 5 257. 0 Retained earnings 200.0 Common Equity 457 . 0 Total liabilities and equity*Projected ratios and selected information for the current and projected years are shown below . Inputs Actual Projected Projected Projected Projected 12/31/10 12/31/17 12131/18 12/31/14 12/31/20 Sales Growth Rate 10% Costs / Sales 729/0 72% 72%/0 72%/6 Depreciation" Not PPE] 10% 10%/} Cash / Sales 196 |Acct . Rec.\\/Sales 10% 10%/6 10% Inventories / Sales 20% 20% 20%/} 20% 20% |Not PPE\\/Sales | Acct . Pay.\\/Sales Accruals / Sales THE rate Weighted average cost of capital ( WALL ! 10. 5%/} 10. 5%/6 10. 5%/6) 10. 5%/} 10. 5%/6)a. Forecast the parts of the income statement and balance sheets necessary to calculate free cash flow . Partial Income Statement for the Year Ending December 31 ( Millions of Dollars! Actual Projected Projected Projected Projected Income Statement Items 12131/ 10 12131/17 12131/18 12/31/19 12/31/20 Not Sales $6.00. 0 Costs ( except depreciation ! $576.0 Depreciation $60. 0 Total operating costs $630. 0 Earning before int . & tax $164.0 Partial Balance Sheets for December 3 1 ( Millions of Dollars! Actual Projected Projected Projected Operating Assets Projected 1.2131/ 16 12131/17 12131/18 12/31/1.9 12/31/20 Cash ACCOUNTS receivable 56.0. 0 Inventories $160. 0 Not plant and equipment $600. 0 Operating Liabilities Accounts Payable $16.0 Accruals* $40.0b. Calculate free cash flow for each projected year. Also calculate the growth rates of free cash flow each year to ensure that there is constant growth (i.e., the same as the constant growth rate in sales) by the end of the forecast period. Actual Projected Projected Projected Projected Calculation of FCF 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 Operating current assets Operating current liabilities Net operating working capital Net PPE Total net operating capital NOPAT Investment in total net operating capital na Free cash flow na Growth in FCF na na Growth in salesc. Calculate the return on invested capital (ROIC=NOPAT/Total net operating capital) and the growth rate in free cash flow. What is the ROIC in the last year of the forecast? What is the long-term constant growth rate in free cash flow (g, is the growth rate in FCF in the last forecast period because all ratios are constant)? Do you think that Hensley's value would ncrease if it could add growth without reducing its ROIC? (Hint: Growth will add value if the ROIC > WACC/[1+WACC]). Do you think that the company will have a value of operations greater than its total net operating capital? (Hint: Is ROIC > WACC/[1+g_]?) Actual Projected Projected Projected Projected 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 Return on invested capital (ROIC=NOPAT/[Total net operating capital]) na Weighted average cost of capital (WACC) na WACC/(1+g_) na na na NACC/(1+WACC) na na na`. Calculate the current Value at operations . ( Hint : First calculate the horizon value at the end of the forecast period , which is Equal to the value of operations at the end of the forecast period . Assume that the annual growth rate beyond the horizon is equal to the growth rate at the horizon .! How does the current value of operations compare with the current amount of total net operating capital'?" Weighted average cost of capital ( WALL ! 10.5%/} Actual Projected Projected Projected Projected 1213:1/10 12/31/17 12131/18 12131/19 12/31/20 Free cash flow Long - term constant growth in FOF Horizon value Present Value of horizon value Present value of forecasted FCF Value of operations !]PV Of HV] + [PV Of FCF]! Total not operating capital