Please read the following article Terminal Value and answer two questions: a$.$ Briefly explain what a terminal value is and how the calculation of terminal value differs between the perpetuity approach and the exit multiple approach. b$.$ Super Hedge Fund $($SHF$)$ is planning on buying and restructure XYZ industries and then divesting the company after $6$ years. Before the purchase $xYZ$ Industries' $FCF$ was $$750,000($year $0)$ and it is expected to grow by $20\%$ per year for $3$ years and then by $15\%$ per year for $3$ years after that. At the end of $6$

$3$

years SHF anticipates selling XYZ for an exit multiple of $5$ FCF$.$ If SHF has a required rate of return is $12\%,$ what value would they put on SHF today? $($show your work$)$