Short-Answer Question 3 (8 points) Alice is analysing Toto Kennels in January of 2018. In 2017, cash flow from operations before interest and taxes was $3.2 million, and Toto Kennels expects this will grow by 4% per year forever. In order to do that, the firm must invest 25% of pretax cash flow each year. The tax rate is 35%, and depreciation was $230,000 in 2017 which is expected to grow at the same rate as operating cash flow. What is the FCFE for 2018