Intrinsic Value Calculation of Tech Innovations Inc.

Investors are evaluating a growing company, Tech Innovations Inc., that has provided projected free cash flows (FCF) for the next five years as follows:

• Year 1: $150 million
• Year 2: $180 million
• Year 3: $220 million
• Year 4: $270 million
• Year 5: $300 million

Post Year 5, the company expects to grow its FCF at a rate of 4% indefinitely. The required rate of return for investors in this sector is 10%. Given these projections, which of the following represents the best estimate of the intrinsic equity value of Tech Innovations Inc. using the Free Cash Flow valuation method?