Reizenstein Technologies $($RT$)$ has just developed a solar panel capable of generating $200\%$ more electricity than any solar panel currently on the market. As a result, RT is expected to experience a $14\%$ annual growth rate for the next $5$ years. By the end of $5$ years, other firms will have developed comparable technology, and RT$\text{'}$s growth rate will slow to $7\%$ per year indefinitely. RT has an $11\%$ weighted average cost of capital. The most recent annual free cash flow $(F_{CCF})$ was $$3\mathrm{.}45$ million.

a$.$ Calculate RT$\text{'}$s expected FCFs for $t=1,t=2,t=3,t=4,$ and $t=5.$ Do not round intermediate calculations. Enter your answer in millions. For example, an answer of $$1$ million should be entered as $1,$ not $1,000,000.$ Round your answers to three decimal places.

$FC{F}_1=$$ million

$FC{F}_2=$$ million

$FC{F}_3=$$ million

$FC{F}_4=$$ million

$FC{F}_5=$$ million

million

b$.$ What is the horizon value at $t=5(H{V}_5)?$ Do not round intermediate calculations. Enter your answer in millions. For example, an answer of $$1$ million should be entered as $1,$ not $1,000,000.$ Round your answers to two decimal places.

$ million

c$.$ What is the present value of the horizon value $(H{V}_5)?$ Do not round intermediate calculations. Enter your answer in millions. For example, an answer of $$1$ million should be entered as $1,$ not $1,000,000.$ Round your answers to two decimal places.

$ million

d$.$ What is the present value of the free cash flows expected at $t=1,t=2,t=3,t=4,$ and $t=5?$ Do not round intermediate calculations. Enter your answer in millions. For example, an answer of $$1$ million should be entered as $1,$ not $1,000,000.$ Round your answers to two d$$cimal places.

$ million

e$.$ What is the value of operations at $t=0?$ Do not round intermediate calculations. Enter your answer in millions. For exanple, an answer of $$1$ million should be entered as $1,$ not $1,000,000.$ Round your answers to two decimal places.

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