BD Industrial is preparing for restructuring, and its free cash flows are expected to vary for a short period. However, the FCF is expected to be $85.00 million in Year 5, and the FCF growth rate is expected to be a constant 6.5% beyond that point. The weighted average cost of capital is 12.0%. What is the horizon (or continuing) value (in millions) at t = 5?

a. $1,432 b. $1,646 c. $1,234 d. $1,662 e. $2,041