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A company's most recent year's free cash flow was $20 million. The cash flow is expected to increase by 10% in the first 2 years.

A company's most recent year's free cash flow was $20 million. The cash flow is expected to increase by 10% in the first 2 years. After 2 years, the free cash flow will constantly grow at 8%. WACC=12%. What is the horizon value at t=2

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