Cheeko Limited is a company in Pakistan that focuses on producing pet products, it currently has 10 million shares outstanding. The company is in its nascent stage and all earnings are currently being reinvested. In other words, the company does not pay any dividends to its shareholders and does not plan to do so in the near future. A major mututal fund is considering purchasing cheeko ltd's stock for investment. The fund manager has estimated that the company's free cash flow for the next four years is likely to be as follows: PKR 10 million, 3 million, 15 million and 6 million. After the fourth year free cash flow is projected to grow at a constant 7%. The company's WACC is 12%, its debt and preferred stock total 60 million.

a) What is the present value of the free cash flows projected during the next four years? (show workings)