Question Help P8.17 (similar to) New Millenium Company earned $2.2 million in net income last year. It took depreciation deductions of $294,000 and made new investments in working capital and fixed assets of $100,000 and $341,000, respectively. a. What was New Millenium's free cash flow last year? b. Suppose that the company's free cash flow is expected to grow at 4% per year forever. If investors require a return of 8% on Millenium stock, what is the present value of Millenium's future free cash flows? c. New Millenium has 3.6 million shares of common stock outstanding. What is the per-share value of the company's common stock? d. What is the company's P/E ratio based on last year's earnings (i.e., trailing earnings)? e. What is the company's P/E ratio based on next year's earnings (assuming that earnings grow at the same rate as free cash flow). a. Millenium's free cash flow last year was $ . (Round to the nearest dollar.)