Please read all instructions

carefully.

$$a$)$ You may have excessive or insufficient information. Use$$indeterminate$$ as your answer in case of insufficient information. In all$$ problems, ignore$$ synergies, information$$ effects, distress$$ costs, agency costs etc. In other$$ words, assume perfect markets and homogenous information.

$$b$)$ This exam is confidential and should not be shared with anyone else.$$ Further, it is individual effort.

$$c$)$ Rounding: use $4$ or more decimals and round to $2$ decimals in the end.

$$d$)$ UCFBT$=$Unlevered CF before tax.$$ UCFAT$=$Unlevered CF after tax

Good luck and have a great break.

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Part $1$

True

False