Problem 13-24 Company Valuation (LOS) Icarus Airlines is proposing to go public, and you have been given the task of estimating the value of its equity Management plans to maintain debt at 24% of the company's present value, and you believe that at this capital structure the company's debt holders will demand a return of 8% and stockholders will require 11%. The company is forecasting that next year's operating cash flow (depreciation plus profit after tax at 21%) will be $62 million and that investment in plant and networking capital will be $24 million. Thereafter, operating cash flows and investment expenditures are forecast to grow in perpetulty by 4% a year. a. What is the total value of Icarus? b. What is the value of the company's equity? (For all the requirements, do not round intermediate calculations. Enter your answers in millions rounded to 1 decimal place.) a. Total value b. Company's equity million million