Vandell and Hastings pay a $35\%$

leral and state tax rate. The risk$-$free rate of interest is $7\%$ and the market risk premium is $7\%.$

will be $$1\mathrm{.}466$ million, after which the interest and the tax shield will grow at $6\%.$

The bid for each share should range between $

per share and $

per share.