Valuation of the target company is a critical aspect of a merger transaction. Different methods are used in acquisition, valuations such as the corporate valuation method, the adjusted present value approach, the free cash flow to equity approach, and so on. BTR Warehousing is expected to generate a free cash flow (FCF) of $152.00 million this year (FCF1= $152.00 million), and the FCF is expected to grow at a rate of 26.20% over the following two years (FCF2 and FCF3). After the third year, however, the FCF is expected to grow at a constant rate of 4.26% per year, which will last forever (FCF4). BTR Warehousing's weighted average cost of capital (WACC) is 12.78%. Use corporate valuation method to complete your analysis. You would discount the FCFs using the in your valuation. (Note: Round your intermediate calculations to two decimal The horizon value of BTR Warehousing's cash flows is places.) The current total firm value of BTR Warehousing operations is . (Note: Do not round your intermediate calculations.) If BTR Warehousing carries $1,890 million of debt before the merger, and the firm has no nonoperating assets or preferred stock, the value of equity of BTR Warehousing to Ziffy Corp. will be O $104.42 million. O $1,889.42 million. O $1,526.67 million. O $629.42 million