Emerson Enterprises, Inc., a nationwide electronics company, is considering purchasing a smaller regional electronics manufacturer, Midwest Electronics, Inc. Emerson Enterprises analysts project that the merger will result in incremental free cash flows as follows:

Year	Free Cash Flow (FCF)
t = 1	$2 million
t = 2	$5 million
t = 3	$6 million
t = 4	$42 million

The Year 4 Free Cash Flow (FCF) of $42 million includes a horizon value of $35 million. Assume all cash flows occur at the end of the year. The acquisition would be made immediately if it is undertaken. The applicable Weighted Average Cost of Capital (WACC) for this transaction is 8%. What is the value of Midwest Electronics, Inc. to Emerson Enterprises?