The following forecasts were made for a firm with net operating assets of $1.135 million and net financial obligations of $720 million at the end of 2005 (in millions of dollars):

The required return for operations is 10.1 percent. Forecast residual operating income for these years and, from these forecasts, value the operations and theequity.

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2006Е 2007E 2009Е 229.08 1,390.42 1,487.75 2008E 187.00 1,214.45 200.09 1,299.46 214.10 Operating income Net operating assets