Transcribed image text: 14. As part of a valuation of an all-equity firm, your team has been tasked with estimating the terminal value using the Gordon growth model. In the first year after constant growth begins, the company has forecast net income of $80M, on sales of $4.1B. The company, once it has reached this stable growth phase is expected to report a total asset turnover of 1.8x and an equity multiplier of 2.1 both values based on average balances as is usual. If the company is expected to reinvest 20% of net income back into the business at this stage in its life. a. During the stable growth phase, what is the ROE of the business? b. What is the long-term growth rate? c. What is the forecast FCFE in the first year of stable growth? d. If the appropriate cost of equity for the business is 7.4%, what is the calculated terminal value