5 (Chapter 7) Sarved Help Consider the table given below to answer the following question Asset value Earnings Net investment Free cash flow (FCF) Return on equity (ROE) Asset growth rate Earnings growth rate Year 1 2 3 4 5 6 8 10 13.00 14.56 16.31 18.26 19.91 21.70 23.65 25.07 26.58 28.17 1.56 1.75 1.96 2.19 2.39 2.50 2.60 2.63 2.13 2.25 1.56 1.75 1.96 1.64 1.79 1.95 1.42 1.50 1.59 1.69 0.55 0.60 0.54 1.18 1.13 0.53 8.56 0.12 0.12 0.12 0.12 0.12 8. 115 0.11 0.105 8.08 0.08 0.12 0.12 0.12 0.09 0.09 0.09 0.06 0.06 0.06 0.06 8.12 0.12 0.12 0.09 0.04 0.04 @.01 -0.19.06 Assuming that competition drives down profitability (on existing assets as well as new investment) to 11.5% in year 6, 11% in year 7. 10.5% in year 8, and 8% in year 9 and all later years. What is the value of the concatenator business? Assume 11% cost of capital. (Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.) Present value million