You are valuing the equity of a company. You expect cash flows to equity to grow at an annual rate of 20.0% for the next 4 years and at a stable rate of 4.0% in perpetuity thereafter. The cash flow next period is expected to be $75 million (which includes the 20.0% growth, already calculated), the cost of equity is 14.9%, and the weighted average cost of capital is 10.0%.

1) What is Period 5 Cash Flow?

2) What is Terminal Value?

3) What is the Present Value of the Terminal Value?