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XYZ Corporation, Inc. forecasts that its free cash flow in the coming year, i.e., at t = 1, will be -$25 million (negative), but its

XYZ Corporation, Inc. forecasts that its free cash flow in the coming year, i.e., at t = 1, will be -$25 million (negative), but its FCF at t = 2 will be $40 million and its FCF at t = 3 will be $48 million. After Year 3, FCF is expected to grow at a constant rate of 5% forever. If the weighted average cost of capital is 17%, what is the firm's value of operations, in millions

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