Theta Therapeutics has the following information and projections. Use the FCFE model to calculate the intrinsic value of Theta's equity.

	Current year	Year 1	Year 2	Year 3
EBIT (operating profit)	NA	$1,000	$1,100	$1,200
Operating assets	$1,200	$1,300	$1,500	$1,600
Operating liabilities	$300	$300	$400	$500
Total Debt	$1,000	$900	$1,100	$1,200
Tax rate	NA	25%	25%	25%
Interest rate on debt	NA	6%	6%	6%
long-term growth rate	4%
Required return on equity	9%

a. $17,129

b. $18,842

c. $15,572

d. $14,156

e. $20,726