You are given the following information. Imagine that the reinvestment assumptions are not changing in steady state. Steady state growth rate is 1.5% and WACC for the entire model is 8.3%. What proportion of operating assets is terminal value?

	0	1	2	3	4	5
Revenue	100	115	132	152	174	201
EBIT(1-t)	25	29	33	38	43.5	50.25
CF		24	27	31	37	41

1) 114%

2) 77%

3) 85%

3) 64%