Brandtly Industries invests a large sum of money in R&D; as a result, it retains and reinvests all of its earnings. In other words, Brandtly does not pay any dividends, and it has no plans to pay dividends in the near future. A major pension fund is interested in purchasing Brandtly's stock. The pension fund manager has estimated Brandtly's free cash flows for the next $4$ years as follows: $$2$ million, $$6$ million, $$12$ million, and $$16$ million.

After the fourth year, free cash flow is projected to grow at a constant $6\%.$

Brandtly's WACC is $15\%,$ the market value of its debt and preferred stock totals $$66$ million, the firm has $$13$ million in non$-$operating assets, and it has $9$ million shares of common stock outstanding.

What is the present value of the free cash flows projected during the next $4$ years?