Gekko Properties is considering purchasing Teldar Properties. Gekko's analysts project that the merger will result in incremental after-tax cash flows of $2 million, $4 million, $5 million, and $10 million over the next four years. The horizon value of the firm's operations, as of Year 4, is expected to be $108 million. Assume all cash flows occur at the end of the year. The acquisition would be made immediately, if it is undertaken. Teldar's post-merger beta is estimated to be 2.0, and its post-merger tax rate would be 25.00%. The risk-free rate is 6.00%, and the market risk premium is 5.70%. What is the value of Teldar to Gekko Properties? Do not round intermediate calculations. Oa. $69,812,683 Ob. $52,359,512 Oc. $61,386,469 Od. $81,960,090 Oe. $72,067,714