13.

Ryan Enterprises forecasts the free cash flows (in millions) shown below. Assume the firm has zero non-operating assets. The weighted average cost of capital is 13.0%, and the FCFs are expected to continue growing at a 5.0% rate after Year 3. What is the firms total corporate value (in millions)? Do not round intermediate calculations.

Year	1	2	3
FCF	-$20.0	$10.0	$25.0

a. $217.54 million

b. $250.97 million

c. $224.04 million

d. $265.40 million

e. $234.87 million