when the firm reaches study stage. Working capital was expected to drop from 60% of revenue during the 1994-1998 period to 30% of revenues after 2003. The firm had no debt currently, but planned to finance 10% of its net capital investment and working capital requirements with debt. The stock was expected to have a beta of 1.45 for the high growth period (1994 to 1998), and the beta was expected to decline to 1.10 by the time the firm goes into steady state (in 2003). The Treasury bond rate is 7%, and the market risk premium is 5.5%. a. Estimate the value per share, using the FCFE model b. Estimate the value per share, ussuming that working capital stays at 60% of revenue forever. c. Estimate the value per share, assuming that the beta remains unchanged at 1.45 foreever