an analyst forecasts that a firm's nominal equity free cash flow will be $1 million next year and is expected to grow at the country's nominal GDP growth rate.

the nominal required return on levered equity is 10% pa . the firm's asset and equity can be valued as a perpetuity.

the analyst looks up GDP growth and finds that its 3% pa in real terms or "constant prices".

inflation is exected to be 2% pa. all rates are effective annual rates.

what do you estimate is the firm's current market capitalisation of equity?

the answer is 20.2429 million. plz show the step.