Infinity Limited has proposed to launch a project in France. The project has a life of $3$ years and the forecast free cash flows $($FCF$)$ in millions of USD are:

Year $1$ FCF $18$

Year $2$ FCF $57$

Year $3$ FCF $104$

The project involves an initial outlay of USD$72$ million. The CFO of Infinity Limited estimates that the appropriate discount rate for projects in this class of risk to be $8\mathrm{.}77\%.$