Terminal value must pay for its growth

At the end of the explicit stage, next-year NOPAT is ₹1,000 cr, WACC is 11% and terminal growth 5%. (a) Compute the terminal value if RONIC in perpetuity is 15%. (b) An analyst sets terminal FCFF equal to NOPAT (no reinvestment) and grows it at 5%. By how much is the TV overstated? (c) Show that if RONIC $= W$, the TV is $\text{NOPAT}_{N+1}/W$ whatever $g_T$ is. Interpret.