Following are forecasts of Baker Company's sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of January 31, 2013. Horizon Period (in millions) Reported 2013 2014 2015 2016 2017 Terminal Period Sales $2,785 $3,838 $5,289 $7,288 $10,043 $10,244 NOPAT 330 455 627 864 1,190 1,214 NOA 533 735 1,012 1,395 1,922 1,961 Assuming a terminal period growth rate of 2%, a discount rate (WACC) of 13%, common shares outstanding of 103.3 million, and net nonoperating obligations (NNO) of $(462) million (negative NNO reflects net investments rather than net obligations), estimate the value of a share of Baker common stock using the residual operating income (ROPI) model as of January 31, 2013. a. $79.90
b. $78.27
c. $74.32
d. $69.78