A private equity (PE) firm just closed a deal with a privately held company BBB. The PE firm would pay $15 million cash to completely buy out a BBB company's co-owner, who holds 25% ownership of BBB before the buyout. According to the PE firms forecast, company BBB will create the following free cash flows to all its owners in the next four years.

Year 1: $5 million; Year 2: $6 million; Year 3: $8 million; Year 4: $8 million

The PE firm also thinks the market value of company BBBs total equity at the end of the fourth year will be $92 million.

Company BBBs total equity valuation today implied by the buyout transaction is _____.

Group of answer choices

$15 million

$20 million

$60 million

$92 million