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 follows. WACC is 10% and the growth rate is projected to be 6% for free cash flows during the horizon period after 2025. Using mid-year convention method, What is the PV of terminal value of XYZ company based on the EBITDA exit multiple, if the EBITDA exit multiple for 2025 is 15.0x ? (10 Points)

Question 8 options:

A)	72.28
B)	79.12
C)	75.44
D)	82.12