Free Cash Flow Valuation of ABC Corporation

ABC Corporation is a growing firm with substantial potential for cash flow generation. Analysts project the following Free Cash Flows (FCF) for the next five years:

• Year 1: $10 million
• Year 2: $12 million
• Year 3: $14 million
• Year 4: $16 million
• Year 5: $18 million

After Year 5, the company is expected to grow at a stable rate of 3% indefinitely. The appropriate discount rate for ABC Corporation is 8%. Which of the following represents the value of ABC Corporation using the Free Cash Flow to the Firm (FCFF) valuation method?