You've been tasked with evaluating a valuation report for Veszprm Chemicals GmbH, a chemical company listed on the Frankfurt Stock Exchange. This valuation was conducted by a professional appraisal service, which relied on the following projections for cash flows and discount rates to determine their assessment: You accept the Free Cash Flow to the Firm for the prognostic period (year 1-4), but question the analyst's valuation of the terminal value. If you believe that the firm will earn a return on capital EQUAL to its cost of capital in perpetuity after year 3 , what is your estimate of firm value (present, holding the stable growth rate fixed at 3% )