Alpha wishes to acquire Delta. The relevant WACC is 10%. The projected FCF for the next three years is

Year 1 5.0 m

Year 2 - 5.5 m

Year 3 6.0 m

And it is expected to grow thereafter at 5% annually. Note that Delta has $20 million in debt and 10 million common shares outstanding

Calculate the value of operations to Alpha (rounded)\

enter a number looking like this:

110