Intro It is December 2022. You work as a financial analyst for Merck & Co. and are tasked with the due diligence on the proposed acquisition of a biotech startup. You estimated the following cash flows for the startup: Year 2023 2024 2025 2026 2027 Expected cash flow from assets ($ million) (end of year) 63.5 95.25 123.83 148.59 163.45 After 2027, cash flows are expected to grow by 3% per year. Based on the riskiness of your industry, you think that your weighted average cost of capital is 16%. The biotech firm has 5 million shares and bonds worth $120 million outstanding. Part 1 | Attempt 1/5 for 5 pts. What is the terminal value, i.e., the present value of all free cash flows from 2028 to infinity expressed in 2027-dollars (in $ million)? 5+ decimals Submit