Refer to the pro forma for PPE, Inc. in Exhibit 15.1. Modify this pro forma for the following revised forecasts:

1. Sales are expected to grow at 6 percent from their Year 0 level of $124.90 million.

2. Core profit margins are expected to be 7.0 percent.

3. Asset turnovers (on beginning-of-year net operating assets) are expected to be 1.9. Then answer the following questions:

a. After revising the pro forma, calculate the value of a PPE share. There are l00 million shares outstanding.

b. If dividend payout is expected to be 40 percent of earnings each year, what do you expect the firm's position in net financial obligations to be at the end of Year 3?

( Give complete answer)