Core India Ltd$.$ is trying to buy Elder India Ltd$.$ which is a small biotechnology firm that develops products that are licensed to major pharma firms. The development costs are expected to generate negative cash flows of Rs$.10$ lakhs during the first year of the forecast period. Licensing fee is expected to generate positive cashflows of Rs$.5,10,15$ and $20$ lakhs during years $2$ to $5$ respectively. Due to the emergence of competitive products, cash flows are expected to grow annually at a modest rate of $5\%$ after the $5^{th}$ year. The discount rate for the first five years is estimated to be $15\%$ and then drop to $8\%$ beyond the fifth year. Calculate the value of the firm.