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( points ) The firm's fiscal year ( FY ) end is December 3 1 s t , the expected long - term perpetual annual

( points) The firm's fiscal year (FY) end is December 31st, the expected long-term perpetual annual growth rate in the firm's free cash flows after FY 2025 is 2%/year, the firm's cost of equity (Ke) is 11.5%, and the firm's WACC is 8.5%. Assuming a valuation date of September 30th,2022, provide an equation, with the appropriate numeric inputs, to calculate the value of the firm's operating assets:
Annual Free Cash Flows
\table[[FY 2022,FY 2023,FY 2024,FY 2025],[$120m,$180m,$220m,$230m
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