The following are forecasted residual operating income (ROPI) for Reed Corporation for Year 7:

	Current	Forecast Horizon				Terminal
($millions)	Year 7	Year 8	Year 9	Year 10	Year 11	Year
Residual operating income (ROPI)	$2,999	$3,149	$3,306	$3,472	$3,646	$3,719

Assume a discount rate of 6%, an expected terminal growth rate of 2%, 2017 NOA of $29,896, and 2017 NNO of $17,314. What is the firms equity value using the ROPI valuation model?

Select one:

a. $17,314

b. None of these are correct

c. $102,887

d. $113,099

e. $85,361