Free Cash Flow Valuation of a Tech Startup

After analyzing a fast-growing private tech startup, an analyst wants to estimate its equity value using the Free Cash Flow (FCF) valuation approach. The projected free cash flows for the startup are as follows:

• Year 1: $3 million
• Year 2: $4 million
• Year 3: $5 million
• Year 4: $6 million
• Year 5: $8 million

The analyst assumes a terminal growth rate of 4% after year 5 and uses a discount rate of 10% to calculate the present value of future cash flows. What is the implied enterprise value of the startup based on this information?