You forecast the future cash flow of Jaffe Ltd, a young growing company. You expect fast growth through the first four years, at which time the company will mature and you expect it to grow by 3% per year forever more after. The following are the forecast cash flows:

Year 1: $5 million

Year 2: $10 million

Year 3: $15 million

Year 4: $20 million

Year 5: $20.6 million

Year 6: $20.218 million

Year 7 onward: continued growth at 3% per year

The discount rate is 9%. What is the value of Jaffe today at Year 0?

(Do not round intermediate calculations. Report your result in millions of dollars. Round the final answers to 2 decimal places. Omit $ sign and the word million in your response.)