1. Use the following information to answer the next two questions.

   Johnson Tech had $300 million in free cash flows last year, which is expected to increase by 5% per year for the next three years due to strong demand. Afterwards, you expect the growth rate will level off to 2% per year, indefinitely. The company currently has $600 million outstanding in debt, $10 million outstanding in preferred stock, and $7 million invested in treasury bills. Johnson Tech has 100 million common shares outstanding. The weighted average cost of capital is 10%.

   Find the value of the company's operations (in millions). Round intermediate steps to four decimals.

   		3852.27
   		4147.39
   		4044.27
   		6143.45

1. Find the company's stock price. Round intermediate steps to four decimals.

   		34.41
   		55.60
   		35.44
   		32.49