Value of Operations Westerford Ltd, has never paid a dividend. Free cash flow is projected to be $80,000 and $100,000 for the next 2 years, respectively, and after the second year it is expected to grow at a constant rate of 8%. The company's weighted average cost of capital is 12%. a. What is the terminal, or horizon, value of operations? HV2= b. Calculate the value of Westerford's operations. Value=