Suppose you estimate the WACC of the following firm to be 9.5%. You have prepared a 5 year forecast of NOPAT and planned capital expenditures. Beyond the forecast horizon, the firm plans to pay out 85% of its NOPAT and believes it can maintain the ROIC realized in the final year of the forecast indefinitely. If the firm in question currently has $37.5 million in Invested Capital, what is your estimate of the current Market Value of the firm?

Values in Millions

YEAR	0	1	2	3	4	5
NOPAT		5.63	5.01	5.07	5.12	5.02
REINVESTMENT RATE		100%	75%	60%	40%	20%