Company A with excess cash is considering the acquisition of company B. Company A estimates of B's earnings potential if it comes under A's management (in millions of dollars). The interest expense listed here includes the interest (1) on B's existing debt, (2) on new debt that A would issue to help finance the acquisition, and (3) on new debt expected to be issued over time to help finance expansion within the new "B division, the code name given to the target firm. The retentions represent earnings that will be reinvested within the B division to help finance its growth. Company B currently uses 25% debt financing, and it pays federal-plus-state taxes at a 30% rate. Security analysts estimate B's beta to be 1.17. If the acquisition were to take place, A's would increase B's debt ratio to 35%, which would increase B's beta to 1.42. Further, because company A is highly profitable, taxes on the consolidated firm would be 32%. Depreciation cash flows would have to be reinvested within the division to replace worn-out equipment. You estimate the risk-free rate to be 2% and the market risk premium 7%. You also estimate that cash flows after 2021 will grow at a constant rate of 4%. The after tax cost of debt is 6.5%. The table presents estimates of the company B's data for merger analysis. 2021 2022 2023 2024 Net Sales 1,000,000 2,000,000 3,000,000 4,000,000 COGS 400,000 500,000 700,000 900,000 Selling & Admin 100,000 100,000 120,000 150,000 Expenses Interest Expense 200,000 200,000 200,000 200,000 Necessary Retained 400,000 400,000 500,000 Earnings 500,000 What is the cash flow for year 2024 (The cash flow to be used for merger analysis)? $115,395,317.73 $25,343,089.43 O $19,314,584.38