The firms fiscal year (FY) end is August 31st, the expected long-term perpetual annual growth rate in the firms free cash flows after FY 2023 is 3%/year, the firms cost of equity (ke) is 8.5%, and the firms WACC is 6%. Assuming a valuation date of December 31st, 2019, provide an equation, with the appropriate numeric inputs, to calculate the value of the firms operating assets:

FY 2020 ($122M) FY 2021 ($143M) FY 2022 ($166M) FY 2023 ($172M)