Simonyan Inc. forecasts a free cash flow of $70 million in Year 1, i.e., at t = 1, and it expects FCF to grow at a constant rate of 5% thereafter. If the weighted average cost of capital is 10% and the cost of equity is 15%, what is the horizon value, in millions at t = 0 (today)?

Select one: a. $840

b. $1460

c. $972

d. $1400