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Zhdanov Inc. forecasts that its free cash flow will be as follows: at t = 0, it will be 0, but its FCF at t

Zhdanov Inc. forecasts that its free cash flow will be as follows: at t = 0, it will be 0, but its FCF at t = 1 will be $20 million. After Year 1, FCF is expected to grow at a constant rate of 4% forever. If the weighted average cost of capital is 14%, what is the firm's value of operations, in millions?(Points: 50)

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