Valuation calculation Guidance: Discuss the mechanics of the calculation below. Provide your reasoning for the amounts chosen for the items in yellow (Depreciation, Capital expenditures, and Debt Reduction). Amazon.com, Inc. (AMZN) Discounted Cash Flow Method (in millions) Projected for Years Ending December 31. Terminal 2021 2022 2023 2024 2025 Value 7,914,312 $8,112,170 $8,314,974 $ 8,522,848 $8,735,920 $ 8,954,318 Forecasted Net Income $ Plus: Depreciation Less: Capital expenditures Debt reduction Net Cash Flow Present value of cash flows Discount rate: 13.1% Terminal period cash flows Capitalization rate: 10.6% $ 6,997,623 $6,341,790 7.914.312 $8.112.170 $8,314,974 $ 8,522,848 $5,747,422 $ 5,208,760 $8,735,920 $ 8,954,318 $4,720,583 Capitalized terminal cash flow Net present value of terminal cash flow, discounted into perpetuity Net present value-five years ending YE: 2025 Net present value of terminal cash flow Total indication of value (rounded) $29,016,200 45,647,100 $74,663,300 $ 8,954,318 10.6% $ 84,474,698 $45,647,100