A firm's last year's free cash flow was 2 million. Suppose a firm's free cash flow is expected to increase by 10% in the first 4 years. After the 4 th year, the firm's free cash flow increases by 5% per year. What is the horizon value at year 4 if required return on the firm's assets is 20% ? $28.87 million $39.33 million $20.50 million $35.32 million Page 19 of 25