Misra Inc. forecasts a free cash flow of $30 million in Year 3, i.e., at t = 3, and it expects FCF to grow at a constant rate of 5.5% thereafter. If the weighted average cost of capital (WACC) is 9.5% and the cost of equity is 14.5%, then what is the horizon, or continuing, value in millions at t = 3?

a. $711 million b. $821 million c. $791 million d. $575 million e. $750 million