8.20 Acquirer Company’s management believes that there is a 60% chance that Target Company’s FCCF will grow at 20% per year during the next 5 years from this year’s level of $5 million. Sustainable growth beyond the fifth year is estimated at 4% per year. However, they also believe that there is a 40% chance that cash flow will grow at half that annual rate during the next 5 years and then at a 4% rate thereafter. The discount rates are estimated to be 15% during the high-growth period and 12% during the sustainable-growth period. What is the expected value of Target Company? (Appendix)