The company maintains a marginal tax rate of $40\%$ and carries forward net operating losses of $175$

million. It anticipates perpetual growth of $5\%,$ commencing in year $4.$ The current working capital

stands at $52$ million.

Estimate the present value of the firm.

To estimate the present value of the firm, the following steps are advised:

Estimate the expected cash flows for the next three years.

Determine the cost of capital for each of the next three years.

Calculate the terminal value at the conclusion of year $3.$

Evaluate the present value of the cash flows to ascertain the firm's value today.

Round your answer up to NO decimal.

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