Question $72$ pts

Today is the end of Fiscal Year $2019.$ You have prepared the following planning period FCF forecast for Kellogg. The appropriate WACC is $6\mathrm{.}75\%$ and terminal growth in FCF is expected to be $2\%($which will start at the beginning of $2023).$ At the beginning of FY $2023,$ it is expected that the enterprise value will be $14$ times EBITDA. What is the terminal value in FY $2022$ dollars $($in millions$)$ using the growing perpetuity method?

Fiscal Year$-$end Values

$2020$

$2021$

$2022$

FCF $($in millions$)$

$1,619\mathrm{.}3$

$1,684\mathrm{.}1$

$1,751\mathrm{.}4$

TV

$???$

Group of answer choices

$$37,609$

$$26,466$

$$30,916$

$$1,751$

$$36,872$