An analyst has put together the following spreadsheet to estimate the intrinsic value of the stock of Rangan Company (in millions of dollars): *Net investment in operating capital = Capital expenditures + Changes in net operating capital - Depreciation. After Year 3(t=3), assume that the company's free cash flow will grow at a constant rate of 7% a year and the company's WACC equals 11%. The market value of the company's debt and preferred stock is $700 million. The company has 100 million outstanding shares of common stock. What is the company's free cash flow the first year (t=1) ? $100 million $200 million $300 million $400 million $500 million