A company forecasts that its free cash flow in the coming ye

A company forecasts that its free cash flow in the coming year, i.e., at t = 1, will be -$10 million, but its FCF at t = 2 will be $20 million. After Year 2, 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?

a. $158

b. $167