Recall the Value of the Firm₀ = FCF_t / [1 + WACC]^t with t from 1 to . The owners of Martial Arts Inc. [the owner/operator of a chain of karate dojos] are considering selling their business to a private equity firm. Next years end-of-year free cash flow (FCF₁) is expected to be $1.25 million, lower than recent years due to a major expansion. Free Cash Flow is expected to grow at the rates shown in the table below thereafter. Beginning in year 7 a constant growth rate of 4% is forecast. The company's WACC is 6.50%. What is the estimated intrinsic value of the firm in millions of dollars? Round to two decimals.

Year	0	1	2	3	4	5	6	7
Growth Rates			20.00%	15.00%	10.00%	8.00%	6.00%	4.00%

a. $54.57

b. $68.15

c. $70.31

d. $83.63

e. $98.28