Calculating Equity Value with Free Cash Flow Valuation

XYZ Corporation, a publicly traded company, has experienced strong revenue growth over the past five years, but management expects this growth to slow. In evaluating the company, you gather the following forecasted free cash flows (FCF) for the next four years:

• Year 1: $10 million
• Year 2: $12 million
• Year 3: $14 million
• Year 4: $15 million

The company's weighted average cost of capital (WACC) is 8%. After Year 4, management expects the company to grow at a stable rate of 4% indefinitely. You are tasked with calculating the value of equity using the Free Cash Flow to Firm (FCFF) valuation method.

What should be the calculated equity value of XYZ Corporation based on these projections and assumptions?