We know the terminal value in 2008 is $223.7 million. We can calculate the free cash flow in 2008 to be $23 million (= $30 million net income + $5 million depreciation − $12 million capital expenditures). (See the table in question 1). Thus, we can solve for the estimated growth rate: 

Terminal value = [CF@2008 × (growth rate + 1)] / (discount rate − growth rate) 
223.7 million = ($23 million × (growth rate + 1)) / (0.18 − growth rate) 
223.7 million × (0.18 − growth rate) = 23 million × (growth rate + 1)
40.266 − (223.7 × growth rate) = 23 million + (23 × growth rate)
17.266 = 246.7 × (growth rate)
growth rate = 0.07

Nguyen’s growth rate assumption is 7% per year