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Assume the following free cash flows (FCF) for Lowell Inc. for 2022 and forecasted FCFF for 2023 onward (in millions): Current Forecast Horizon Terminal ($millions)

Assume the following free cash flows (FCF) for Lowell Inc. for 2022 and forecasted FCFF for 2023 onward (in millions): Current Forecast Horizon Terminal ($millions) 2022 2023 2024 2025 2026 Year Free cash flows to the firm (FCFF) $500 $550 $600 $650 $700 $735 The cumulative present value of Horizon FCFF (Years 2023 to Years 2026) of the firm using the information above, a discount rate of 10%, and an expected terminal growth rate of 5.0%, is: (Hint: refer to slide 27 of 27) A. $1,962.33 million B. $1,762.33 million C. $1,862.33 million D. $1,662.33 million

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