You are a senior financial analyst of a firm based in Melbourne. You have been assigned with the task of training interns who recently joined your firm on how to use the free cash flow model to estimate the value of a company. You have collected data on the following data:

2019 2020 2021 2022 2023 Long-term Debt ($M) 45000 46,000 47,333 48,667 50,000 Profits ($M, after tax) 10,000 16,000 18000 21000 24,000 Interest ($M, after tax) 878 900 950 950 975 Working Cap ($M) 8,000 11,000 14,000 20,000 23,000 Depreciation ($M) 25,000 26,000 27,000 28,000 29,000 Cap Spending ($M) 24,150 27,767 31,383 35,000 Cost of equity 0.112 0.110 0.113 0.115 WACC 0.100 0.110 0.110 0.120 Number of equity shares (Million) 2,000 Terminal growth rate 0.06