Pacman Inc. is considering purchasing Target Inc. Pacman's analysts project that the merger will result in incremental after-tax cash flows of $2 million, $4 million, $5 million, and $10 million over the next four years. The horizon value of the firm's operations, as of Year 4, is expected to be $108 million. Assume all cash flows occur at the end of the year.

CF1	$2,000,000
CF2	$4,000,000
CF3	$5,000,000
CF4	$10,000,000
Horizon value (Year 4)	$108,000,000

The acquisition would be made immediately, if it is undertaken. Pacman's post-merger beta is estimated to be 2.0, and its post-merger tax rate would be 35.00%. The risk-free rate is 6.00%, and the market risk premium is 5.70%. What is the value of Target to Pacman? Show your work.