The following table presents forecasted financial information for Financial Advisors Co.: 2021 2022 2023 Projected EBIT $319 $347 $365 Earnings after tax $127 $217 $285 Free cash flow $109 $144 $152

Financial Advisors Co.s WACC = 9% Expected growth rate in FCFs from 2024 to infinity is perpetually 5% What is an appropriate estimate of the companys terminal value as of the end of 2020, using the perpetual-growth equation as your estimate?

Please note: For this problem, you only need to figure out the terminal value as of the end of 2020, not the whole company value.