The following is a four$-$year forecast for Torino Marine.

Year $2022202320242025$

Free cash flow $($$ millions$)6384101123$

Estimate the fair market value of Torino Marine at the end of $2021.$ Assume that after $2025,$ earnings before interest and tax will remain constant at $$200$ million, depreciation will equal capital expenditures in each year, and working capital will not change. Torino Marine$$s weighted$-$average cost of capital is $9$ percent and its tax rate is $20$ percent.

Note: Do not round intermediate calculations. Enter your answer in millions rounded to $1$ decimal place.

Estimate the fair market value per share of Torino Marine$$s equity at the end of $2021$ if the company has $48$ million shares outstanding and the market value of its interest$-$bearing liabilities on the valuation date equals $$380$ million.

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.The following is a four$-$year forecast for Torino Marine.

a$.$ Estimate the fair market value of Torino Marine at the end of $2021.$ Assume that after $2025,$ earnings before interest and tax will

remain constant at $$200$ million, depreciation will equal capital expenditures in each year, and working capital will not change.

Torino Marine's weighted$-$average cost of capital is $9$ percent and its tax rate is $20$ percent.

Note: Do not round intermediate calculations. Enter your answer in millions rounded to $1$ decimal place.

b$.$ Estimate the fair market value per share of Torino Marine's equity at the end of $2021if$ the company has $48$ million shares

outstanding and the market value of its interest$-$bearing liabilities on the valuation date equals $$380$ million.

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

Answer is complete but not entirely correct.