Tudia Inc. forecasts a negative free cash flow for the coming year, FCF1 = $10 million, but it expects positive numbers thereafter, with FCF2 = $25 million. After Year 2, FCF is expected to grow at a constant rate of 4% forever. If the weighted average cost of capital is 12.0%, what is the firm's total corporate value, in millions?

a.

$170.98

b.

$270.09

c.

$369.70

d.

$142.86

e.

$210.53

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