The firms fiscal year (FY) end is December 31^st, the expected long-term perpetual annual growth rate in the firms free cash flows after FY 2023 is 2%/year, the firms cost of equity (Ke) is 7.5%, and the firms WACC is 5%. Assuming a valuation date of June 30^th, 2020, provide an equation, with the appropriate numeric inputs, to calculate the value of the firms operating assets:

FY 2020 FY 2021 FY 2022 FY 2023

Annual Free Cash Flows $120 m $180 m $220 m $230 m