You are valuing the equity of a company using the FCFE approach and have estimated that the FCFE in the next three years will be $6.25, $7.70, and $8.36 million, respectively. Beginning in year 4, you expect the cash flows to increase at a rate of 4 percent per year for the indefinite future. You estimate that the cost of equity is 12 percent. What is the value of equity in this company? a. $77 million b. $95 million c. $109 million d. $60 million