9. TransValley Properties Limited intends to start a new real estate firm in Kampala, Uganda. The expected free cash flows of the firm for the next four years are given below (Table A.13.2):

Consider the cash flows after the fourth year growing by 5 % per annum forever. Assume the firm’s cost of capital is 15 %, estimate the continuation value at the end of the fourth year and the value of TransValley Properties Limited today.