The following table presents forecasted financial and other information for ABD Corp. The table shows end of year numbers (in millions). ABD's value of debt is $55 million, and its WACC is 10%.

	Year 1	Year 2	Year 3
Free cash flow	$ 12	$ 18	$ 24

What is an appropriate estimate of ABD's value of equity using the no-growth perpetuity for terminal value estimate, assuming a constant free cash flow of 30 million starting from year 4?

Group of answer choices

$ 226.8 million

$ 221.2 million

$ 214.2 million

$ 208.8 million

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