The following table reports the FCFs of Airbnb in the past years: Year Ended December 31, 2015 2016 2019 2017 2018 On millons (700) 5 (169) 5 50.05 1706 S Net loss 5 (1354) 5 $ (040) 5 (1474) 5 (52.7) S (6743) 5 (2533) 5 Adjusted EBITDA 222.7 $ Netcash provided by used in) operating activities Free Cash Flow $ (734) 5 5 (1235) 5 1150 5 21.15 251 25 15105 595 6 5 5049 5 973 $ The business risk of Airbnb (A) is 7.3%, and you expect the FCF in 2021 to be the average of the FCFs in the past 4 years (2019, 2018, 2017, 2016). Moreover, you expect future FCFs to grow at the constant rate of 6.22%. 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? Report your answer in million (M) and round it to 2 decimal places