Step 1. Inputs: base revenue 416.161 billion (D2); GS10 December 2025 4.14 percent (D6); beta 1.0922 (Chapter 7); premium 4.50 percent (stated assumption)
        Discount rate k = 4.14 + 1.0922 x 4.50 = 9.0549 percent, printed 9.055; shares 14.776 billion (Form 10-K cover)

Step 2. Table 9.1, the five-year build:
   Fiscal year   Growth %   Revenue $B   FCF $B   Factor   PV $B
   2026             6         441.1    105.9   0.9379    99.3
   2027             6         467.6    112.2   0.8600    96.5
   2028             5         491.0    117.8   0.7886    92.9
   2029             5         515.5    123.7   0.7231    89.5
   2030             4         536.1    128.7   0.6631    85.3
   Present value of the five years 463.5; terminal value 2012.1; present value of the terminal value 1334.2; total 1797.7 billion; value per share 121.66 dollars; terminal share 74.2 percent

Step 3. Table 9.2, value per share across discount rate and terminal growth:
   k \ g     1.5    2.0    2.5    3.0    3.5
    7 %     150    162    177    196    220
    8 %     127    135    145    157    171
    9 %     110    116    123    131    140
   10 %      97    101    106    112    119
   11 %      87     90     94     98    103

Step 4. Monte Carlo percentiles (10,000 draws): 5th 96, 25th 110, median 122, 75th 136, 95th 159 dollars
        The valuation-date price of 271.86 dollars exceeds all 10,000 simulated values: TRUE; the buy-below line at the 5th percentile sits 65 percent under the price

Part B, R lane solution: at the grid center (k 9 percent, terminal growth 2.5 percent), the growth path shifted down two points (4, 4, 3, 3, 2 percent) values the share at 113 dollars; shifted up two points (8, 8, 7, 7, 6 percent), at 133 dollars
   Monte Carlo with the premium uniform on 3.5 to 5.5 percent: 5th 93, 25th 109, median 122, 75th 138, 95th 165 dollars
   Movement against the base run, percent by percentile:
     percentile 5: -2.9 percent
     percentile 25: -1.1 percent
     percentile 50: +0.5 percent
     percentile 75: +2.1 percent
     percentile 95: +3.9 percent

Chapter 9 lab complete.
