Smooth-tone products manufactures sound sytems. the companys weighted average cost of captial is 15%. The company forecasted the following free cash flows for the next 20 years.

Year Free cash flows

1 10,000,000

2 15,000,000

3 20,000,000

4. 22,000,000

5 25,000,000

6-10 20,000,000 per year

11-20 15,000,000 per year

Use the discounted cash flow approach to value the smoothtone products company.