Based on the following data, what is the horizon value at the end of year 5?

Year		1
Revenue		630.00
Other income		20.00
Fixed costs		90.00
Variable costs		220.00
Additional investment in NWC		3.00
Additional investment in operating long-term assets		80.00
Depreciation		75.00
Tax rate	0.40

The free cash flow is expected to grow at 8% from year 1 to year 5 and 6% after year 5 to infinity. WACCcomp = 12%.

Select one:

a. $3,532.76b. $3,414.04c. $3,629.33d. $3,766.90e. $3,394.77