Question 3. Watkins Inc. has never paid a dividend, and when it might begin paying dividends is unknown. Its current free cash flow is $500,000, and this FCF is expected to grow at a constant 6 percent rate. The weighted average cost of capital is WACC = 11.5%. Watkins currently holds $350,000 of nonoperating marketable securities. Its long-term debt is $1,100,000, but it has never issued preferred stock. Calculate Watkins' value of operations. b) Calculate the company's total value. Calculate the value of its common equity. c)