An industrial firm provides the following financial information: Net Income $800 million After interest expenses $300 million Tax rate 35% Depreciation $100 million $0 Working capital requirement Capital Spending $500 million Treasury bond rate 4% Debt Outstanding $3 billion Yield To Maturity of debt 5% 2.7 billion Prior years debt outstanding Share Price $120 per share 1.1 Beta Shares Outstanding 100 million Book value of shares outstanding $5 billion Dividend payout ratio 35% a) Calculate free cash flow to the firm for this year. b) Calculate the firm's value at year end. c) Calculate fair value for the firm's equity at year end using FCFF.