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The free cash flows (in millions) shown below are forecast by Bailey Brothers. If the weighted average cost of capital is 11%, and FCF is expected to grow at a constant rate of 5% after Year 3 (i.e., Year 4 to infinity) then what is the approximate Value of Operations (Year 0), in millions?

Year: 0 1 2 3 4 . . . .

Free cash flow: -$50 $100 $400

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