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Horizon Value of Free Cash Flows JenBritt Incorporated had a free cash flow (FCF) of $84 million in 2019. The firm projects FCF of $210

Horizon Value of Free Cash Flows

JenBritt Incorporated had a free cash flow (FCF) of $84 million in 2019. The firm projects FCF of $210 million in 2020 and $520 million in 2021. FCF is expected to grow at a constant rate of 5% in 2022 and thereafter. The weighted average cost of capital is 10%. What is the current (i.e., beginning of 2020) value of operations? Do not round intermediate calculations. Enter your answer in millions. For example, an answer of $1 million should be entered as 1, not 1,000,000. Round your answer to two decimal places.

$ million

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