Present Value of Free Cash Flows for ABC Corporation

ABC Corporation is a publicly traded company in the technology sector. Analysts are attempting to determine the intrinsic value of ABC Corporation using the Free Cash Flow (FCF) valuation method. In their analysis, they expect the company to generate free cash flows of $5 million in Year 1, growing at a rate of 10% annually for the next 5 years. After Year 5, they anticipate free cash flows will stabilize and grow at a perpetual growth rate of 3%. If the appropriate discount rate is 12%, what is the present value of the free cash flows generated by ABC Corporation over the first 5 years?