Recall the Value of the Firm $0=$ FCF t $/[1+$ WACC$]$ t with t from $1$ to $\backslash$infty $.$ 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

year$$s end$-$of$-$year free cash flow $($FCF $1)$ is expected to be $$1\mathrm{.}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 $6\mathrm{.}50\%.$ What is the estimated intrinsic

value of the firm in millions of dollars? Round to two decimals.