Refer to the table containing a companys financial statements below:

Year ending	30-Jun-18	Number of shares on issue	4,320,601
Cash	$6,105,465	Company tax rate	30.00%
Other assets	$87,554,597	Weighted average cost of capital	11.44%	per annum
Debt and liabilities	$32,190,949	Growth rate in FCFs from 2022	5.48%	per annum
Equity (book value)	$61,469,113

Year ending	30-Jun-18	Growth rate	30-Jun-19	30-Jun-20	30-Jun-21	30-Jun-22
Sales revenue	$78,528,535	3.20%	$81,041,448	$83,634,774	$86,311,087	$89,073,042
Operating expenses	$45,500,703	2.70%	$46,729,222	$47,990,911	$49,286,666	$50,617,406
Depreciation	$22,321,855	4.10%	$23,237,051	$24,189,770	$25,181,551	$26,213,994
EBIT	$10,705,977		$11,075,175	$11,454,093	$11,842,871	$12,241,642
Interest paid	$3,908,199	7.30%	$4,193,498	$4,499,623	$4,828,095	$5,180,546
Tax payable	$2,039,333		$2,064,503	$2,086,341	$2,104,433	$2,118,329
Net income	$4,758,445		$4,817,174	$4,868,129	$4,910,343	$4,942,767
Capital expenditure	$16,170,094	6.00%	$17,140,300	$18,168,718	$19,258,841	$20,414,371
Increase in working capital	$2,551,414	2.50%	$2,615,199	$2,680,579	$2,747,594	$2,816,284

(a) Work out last year's (year ending 30 June 2018) free cash flows and the projected free cash flows (30 June 2019 30 June 2022) from these extracts from the company's financial statements. (3 marks)

(b) Work out the Terminal Value of the free cash flows in 30 June 2021, using constant growth rate from 2022. (2 marks)

(c) Work out the enterprise value from the free cash flows and the terminal value. (2 marks)

(d) Display the value per share of the equity in this company. (2 marks)

(e) Recalculate the value per share, based on mid-year discounting (with a nominal conversion of the annual discount rate) of the free cash flows. (1 mark)