Suppose we are at the end of 2019. All cash flows arrive at the end of each year. Firm C will have EBIT in 2020 of $280 million. Amortization will be zero so that EBITA will equal EBIT. Capital expenditures will be $90 million. Depreciation will also be $90 mil- lion. The increase in net working capital, the increase in net other assets, and operating lease interest will be zero. The marginal corporate tax rate will be 25%. Firm C's WACC at its current capital structure is and will be 8%. The expected permanent growth rate of Firm C's free cash flow is 5% per year.