Quinzel Inc. has projected net cash flows from operations at Php45 Million on the first year. In order to realize the 10% growth for the next 4 years, Jabel purchased CAPEX amounting to Php250 Million within the first year. Half of the CAPEX was funded by liability and no other long term liability was existing before the purchase on the first year.

Reqs: For its five-year projection, determine Quinzels net cash flow to equity assuming a discount rate of 7.5%