You are attempting to estimate the stock price of Apple. You want to use the enterprise value model to value the company. You see that the trailing twelve months provided approximately $107.5 billion in free cash flow on shares outstanding of 16.427 billion. You estimate that for the next three years, the cash flows will grow by 10% per year, then three years at 8% per year, and then will level off to 4% per year in perpetuity (note that in the template, this is shown as a declining rate based upon the initial estimate). The company has approximately $191 billion in cash, but only $20 billion of that is earned in the United States, so in order to repatriate the rest of the cash, the company would have to pay another 15% in taxes. It also has $109 billion in debt (not net of cash). a) You assessed a cost of capital when you were valuing Apple last year of 8%. What should be the Price Per Share of Apple if all the assumptions above are correct? b) What is Apples closing price at the last market close? What could explain the difference between your answer and the actual market price?