The following are from the financial statements for General Mills (in millions):

There were 337.5 million shares outstanding at the end of fiscal year 2008 and they traded at $60 each. Use a required return for operations (rw) of 8 percent in answering the following questions:

1. What is General Mills's no-growth per-share valuation?

2. What is General Mills's per-share valuation based on growth forecasts from these numbers?

\begin{tabular}{lrr} \hline & 2008 & 2007 \\ \hline Net operating assets & $12,847 & $12,297 \\ Common equity & 6,216 & 5,319 \\ Core operating income (after tax) & 1,560 & \\ \hline \end{tabular}