Calculate the equity value for the following company. EBITDA in year $1$ is expected to be $$100$M

and is expected to grow by $1\%$ for each of the next $5$ years. Cap Ex$,$ TIs and LCs are expected to be

$$7$M in year $1$ and are expected to grow at $3\%$ for each of the next $5$ years. Currently the

company has $$500$M in debt and this is expected to remain constant going forward. Assuming an

exit in year $6,$ what is the equity value of the company today? Assume a $10\%$ discount rate and an

$8\%$ cap rate.