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, $7 million, $10 million, and $13 million. After the fourth year, free cash flow is projected to grow at a constant 8%. Brandtly's WACC is 15%, the market value of its debt and preferred stock totals $62 million, the firm has $16 million in nonoperating assets, and it has