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. 1 2 3 4 (Terminal year) EBIT 100 125 156.25 164 Net Cap Ex 30 375 46.5 32 Total Working Capital 60 70 82 88 Cost of Equity 12% 11% 11% 10% Pre-tax Cost of borrowing 8,00% 7,50% 7% 7% Debt Ratio 25% 25% 25% 25% 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