Determining Intrinsic Value of XYZ Dynamics Using FCFF

XYZ Dynamics, a tech startup specializing in cloud computing, has provided projections for its free cash flows (FCF) over the next five years as follows:

• Year 1: $5 million
• Year 2: $7 million
• Year 3: $10 million
• Year 4: $15 million
• Year 5: $25 million

The company also estimates a terminal growth rate of 3% and utilizes a discount rate of 10%. Using the Free Cash Flow to the Firm (FCFF) valuation method, the current value of XYZ Dynamics' equity can be determined by calculating the present value of the free cash flows for the first five years and the present value of the terminal value at Year 5. What is the intrinsic value of XYZ Dynamics' equity, rounded to the nearest million?