On December 31, 2023, the Macerich Company (MAC) has net operating assets (NOA) of $24,546 million. Using a weighted-average cost of capital (rWACC) of 6.0 percent, the present value of the next four years (FY2024 - FY2027) of the estimated residual operating income (ROPI) is $45,462 million. Treat each of the three parts (A, B & C) below independently. A. Assume that the ROPIFY2027 at the forecast horizon is $15,300 million. Following the forecast horizon, it is expected that MAC's NOPAT will equal 6.0 percent of its NOA. That is, the expected ROPI beyond the forecast horizon is zero. What is MAC's operating value at December 31, 2023 using the residual operating income model (ROIM)