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2021 2022 2023 2024 2025 EBIT 2.9 4.1 4.8 5.8 6.2 Depreciation 1.1 1.2 1.5 1.6 1.9 Tax 0.87 1.23 1.44 1.74 1.86 Net Capital

2021

2022

2023

2024

2025

EBIT

2.9

4.1

4.8

5.8

6.2

Depreciation

1.1

1.2

1.5

1.6

1.9

Tax

0.87

1.23

1.44

1.74

1.86

Net Capital Spending

0.5

0.8

1

1.2

2

Change in NWC

0.25

0.45

0.35

0.55

0.24

For Company XYZ,,the projected cash flow components (in $mil) for the next five years are as shown above.WACC is 10% and the growth rate is projected to be 6% for free cash flows during the horizon period after 2025. Usingmid-year convention method,What is the sum of the PV of free cash flows between 2021 and 2025?

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