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Assume the following free cash flows for Zhang Inc. for 2017 and forecasted FCFF for 2018 onward (in millions): Current Forecast Horizon Terminal ($millions) 2017

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Assume the following free cash flows for Zhang Inc. for 2017 and forecasted FCFF for 2018 onward (in millions): Current Forecast Horizon Terminal ($millions) 2017 2018 2019 2020 2021 Year Free cash flows to the firm (FCFF) $1,000 $1,100 $1,200 $1,300 $1,400 $1,500 The DCF value of the firm using the FCFF information above, a discount rate of 10%, and an expected terminal growth rate of 5.0%, is: O A. $24,415 million B. $20,832 million C. $21,820 million D. $35,231 million E. None of the above

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