The following table reports the FCFs of Airbnb in the past years: Year Ended December 31, 2015 2016 2017 2018 2019 (in millions) (70.0) $ (16.9) S Net loss (147.4) $ (674.3) $ $ (135.4) $ $ (94.0) $ Adjusted EBITDA (52.7) $ 60.0 $ 170.6 $ (253.3) $ $ Net cash provided by (used in) operating activities (73.4) $ 115.0 $ 251.2 $ 222.7 595.6 $ $ Free Cash Flow 21.1 $ (1236) $ $ 151,0 $ 97.3 504.9 $ $ The business risk of Airbnb (rA) is 7.3%, and you expect the FCF in 2021 to be the average of the FCFs in the past 3 years (2019, 2018, 2017). Moreover, you expect future FCFs to grow at the constant rate of 5.9%. Airbnb's corporate tax rate is 11%. Q: What is the valuation of Airbnb if the company plans to issue debt, with a cost of capital (rD) of 4.65%, to keep a constant D/E ratio of 0.72