Provided with forecast of a firm's nominal Equity Free Cash Flows (EFCF): Year 1: $7 million Year 2: $8 million Year 3: $9 million From year 3 onwards, the nominal EFCF is expected to grow at the country's nominal GDP growth rate forever. The perpetuity formula can be used to find the terminal value of the EFCF. The nominal required return on equity is 5% pa. The analyst forecasts GDP growth to be 1% pa in real terms or constant prices from year 3 onwards. Inflation is expected to be 2.5% pa from year 3 onwards. All rates are effective annual rates. What is the firms market value of equity? a. $338,300,735.03 b. $594,647,977.03 c. $653,375,406.98 d. $470,757,277.03 e. $567,364,618.16