At the beginning of $2011,$ Macklemore Corporation is considering the acquisition of Blue Sky Learning $($BSL$),$ based on BSL$\text{'}$s actual financial data for $2010$ and its projections for $2011$ to $2015,$ as shown above. Macklemore's WACC is $8\mathrm{.}0\%,$ BSL$\text{'}$s WACC is $11\mathrm{.}5\%,$ and the average of the two companies' WACCs, weighted by sales, is $8\mathrm{.}2\%.$ What is the firm value of BSL $($in $ millions$)$ at the beginning of $2011,$ assuming the company's free cash flow grows $4\%$ per year in perpetuity after $2015?$

A sporting goods manufacturer has decided to expand into a related business. Management estimates that to build and staff a facility of the desired size and to attain capacity operations would cost $$450$ million in present value terms. Alternatively, the company could acquire an existing firm or division with the desired capacity. One such opportunity is a division of another company. The book value of the division's assets is $$250$ million and its earnings before interest and tax are presently $$50$ million. Publicly traded comparable companies are selling in a narrow range around $12$ times current earnings. These companies have book value debt$-$to$-$asset ratios averaging $40$ percent with an average interest rate of $10$ percent.

a$.$ Using a tax rate of $34$ percent, estimate the minimum price the owner of the division should consider for its sale. Note: Do not round intermediate calculations. Enter your answer in millions rounded to $1$ decimal place.

Minimum price

million