scarecrow

That cause in #3 they give you the Long-Term growth rate of FCFF so you put that into the numerator. They never give you a long term growth rate of intangibles in #15, just a required rate of return (which is subtracted from growth rate in denominator). Therefore if they don't have you a long term growth rate of the companies intangibles than there is no reason to put anything else in the numerator. That's all I can come up with.