A group of investors is intent on purchasing a publicly traded company and wants to estimate the highest price they can reasonably justify paying. The target company's equity beta is 1.20 and its debt-to-firm value ratio, measured using market values, is 60 percent. The investors plan to improve the target's cash flows and sell it for 12 times free cash flow in year five. Projected free cash flows and selling price are as follows. To finance the purchase, the investors have negotiated a $480 million, five-year loan at 8 percent interest to be repaid in five equal payments at the end of each year, plus interest on the declining balance. This will be the only interest-bearing debt outstanding after the acquisition. c. Estimate the target's all-equity present value. Note: Enter your answer in millions rounded to 2 decimal places. Answer is complete but not entirely correct. Target's all-equity present value d. Estimate the present value of the interest tax shields on the acquisition debt discounted at KA. Note: Round intermediate calculations to 2 decimal places. Enter your answer in millions rounded to 2 decimal places