A company forecasts the free cash flows (in millions) shown below. The weighted average cost of capital is 13%, and the FCFs are expected to continue growing at a 5% rate after Year 3. Assuming that the ROIC is expected to remain constant in Year 3 and beyond, what is the Year 0 value of operations, in millions?

Year 1 FCF $-15

Year 2 FCF $10

Year 2 FCF $40

Please show your work

Year 2 Year 3