Weston Enterprises is an$$ all$-$equity firm with two divisions. The soft drink division has an asset beta of $0\mathrm{.}63,$ expects to generate free cash flow of $ $79$ million this$$ year, and anticipates a $3\%$ perpetual growth rate. The industrial chemicals division has an asset beta of $1\mathrm{.}09,$ expects to generate free cash flow of $ $44$ million this$$ year, and anticipates a $2\%$ perpetual growth rate. Suppose the$$ risk$-$free rate is $4\%$ and the market risk premium is $5\%.$

a$.$ Estimate the value of each division.

b$.$ Estimate$$ Weston's current equity beta

c$.$ Estimate$$ Weston's current cost of capital. Is this cost of capital useful for valuing$$ Weston's projects? How is$$ Weston's equity beta likely to change over$$ time?