Free Cash Flow Valuation Understanding

John is analyzing a company to determine its equity value using the Free Cash Flow (FCF) valuation method. He discovers that the company generated free cash flows of $500,000 last year and is expected to grow these free cash flows at a rate of 5% per year for the foreseeable future. If John wants to calculate the present value of the company's future free cash flows, which of the following is the correct formula to start with?