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: $$3$ million, $$6$ million, $$11$ million, and $$15$ million. After the fourth year, free cash flow is projected to grow at a constant $4\%.$ Brandtly's WACC is $13\%,$ the market value of its debt and preferred stock totals $$80$ million, the firm has $$13$ million in nonoperating assets, and it has $7$ million shares of common stock outstanding.