Thurman Corporation is a fast-growing healthcare company. Its expected cash flows, FCFs, (in millions) for the next three years are: -$200, $800, and $1,100, respectively. Thurman expects competition and market saturation to reduce its growth rate after Year 3 to 6% for all years in the foreseeable future. Assume that the WACC for the company is 14%, the beta for the stock is 2.3, and the yield to maturity is 8%. If the horizon value is $14,575, calculate the value of operations today. Determine the value of the operations today. Write out your equation(s) clearly and show your input(s).

Clearly label your findings (e.g., xyz ratio = ..) and designate which part of the question you are answering (if there are multiple parts). Write out your equations clearly. Show your work by typing it in Canvas. Answers (whether correct or incorrect) without work shown will receive zero points. Simply typing your work will suffice. (e.g., x = y + 2z)