Kodiak company december 2009

Hi John, I have some problems with this question In the solution it subtracts investment in non current assets after highlighting free cashflow to equity but why? Isn't that supposed to be subtracted before it because the resultant figure would be what's left for equity holders? As far as my knowledge is concerned free cashflow to equity comes after deducting investments in non current assets? Secondly the terminal value of $2546 does not give $2043 if we discount it at 10% neither for 3 years nor 2 or 4 years, so how that figure of 2043 came? thanks