Competitive Inc. undergoes restructuring and its free cash flow (FCF's) are expected to be unstable for next few years. However, FCF is expected to be 60 million in Year 5, i.e., FCF at t=5 equals $60 million, and the FCF growth rate is expected to be constant at 6% beyond that point. If the weighted average cost of capital is 12%, what is the horizon value (in millions) at t=5?

a) 2,320 million

b) 1,780 million

c) 1,060 million

d) 950 million

e) 1,960 million