Question 1.	Johnson & Johnson								Free cash flows (FCF), for this exercise is difference between cash generated from operating income minus capital expenses at the end of your company's fiscal or calendar year. The present value of free cash flows is one method of determining a company's value to a potential buyer. Note: For Milestone One, please use the adjusted free cash flows calculated for your selected company on Tab 2 (Selected Co. for Project) of this Excel workbook. Use 5% as the interest rate for these questions.
	Interest Rate	5%
	FCF - Years		2020	2021	2022
	FCF in dollars*
	Pv*		$ -	$ -	$ -
	Total Pv*		$ -
	*In millions