Annual Free Cash Flow for XYZ Corp. is expected to reach $12 million in the next 12 months, and is expected to grow at an annual rate of 7% per year. Management believes the minimum acceptable annual return on assets (based on their weighted average cost of capital) is 16%. The company has $65 million in debt (market value) on its balance sheet which was raised a few years ago. What is the estimated enterprise value for the company, and then the value of all shares of stock collectively, for this company, respectively

Two firms, a and b, each currently emit 100 tons of chemicals into the air. the government has decided to reduce the pollution and from now on will require a pollution permit for each ton of pollution emitted into the air. the government gives each firm 40 pollution permits, which it can either use or sell to the other firm. it costs firm a $200 for each ton of pollution that it eliminates before it is emitted into the air, and it costs firm b $100 for each ton of pollution that it eliminates before it is emitted into the air. after the two firms buy or sell pollution permits from each other, we would expect that firm a will emit a. 100 fewer tons of pollution into the air, and firm b will emit 20 fewer tons of pollution into the air. b. 20 more tons of pollution into the air, and firm b will emit 100 fewer tons of pollution into the air. c. 50 fewer tons of pollution into the air, and firm b will emit 50 fewer tons of pollution into the air. d. 20 fewer tons of pollution into the air, and firm b will emit 100 fewer tons of pollution into the air.