You decide to calculate the intrinsic value of FDR using FDR's free cash flow to the firm (FCFF). FDR's FCFF was $1.09 million last year. You estimate that FCFF will grow at a rate of 6% for a period of 4 years. After this period, the FCFF will grow at a constant rate of 4% for perpetuity. The beta on FDR is 0.94, the required return on the market is 4.0% and the risk-free rate is 5.0%. The weighted average cost of capital (WACC) is 8.2% for FDR. Calculate the appropriate intrinsic value for FDR (Note, in this case you are valuing the whole company as we are not working with per share numbers).