For the next 5 questions, you have been tasked with building a stand-alone DCF valuation for Graham Holdings (GHC), a publicly traded company, using the unlevered (two-stage) approach.

Question: Using the data from the GHC Free Cashflow Data workbook, calculate 2016 unlevered free cash flows. Assume the tax rate = 2016 tax expense / pretax income.

A) 241,530.0

B) 268,855.0

C) 270,976.7

D) 282,966.0

E) 333,379.0